SnapBizz announced on Sunday that it had raised an undisclosed round of funding from Ratan Tata.
In January 2016, SnapBizz had announced that it had received funding worth $7 million from companies like Qualcomm, Jungle Ventures, National Research Foundation of Singapore, Taurus Value Creation and Blume Ventures to name a few.
SnapBizz is the result of extensive market research and pilot studies done to understand key challenges of stakeholders in the consumer goods ecosystem i.e. the consumer, the retailer, the distributor and the brand.Their aim is to include ‘kirana’ stores in the digital revolution – connect these stores digitally to the brand, distributors as well as the end consumer.
It currently works with over a thousand ‘kirana’ stores across Mumbai, Pune, Delhi, Hyderabad, Chennai and Bangalore and aims to expand its footprint across other Tier 1 and 2 cities. The company – which was founded in 2013 – is currently headquartered in Singapore.
A statement issued by the Founder & CEO of Snapbizz, Prem Kumare, read: “A visionary of Mr Tata’s stature showing confidence in SnapBizz is certainly a big boost for our business idea and will continue to accelerate the digital revolution in India’s ‘kirana’ stores. Brands are also seeing this as an opportunity to partner with us in order to be a well-wisher of the retailers.”