ShopConnect, a retail-tech startup has raised USD 1.5 million in pre series round funding from IBS Technology & Consulting Services, the holding company of Mr VK Mathews, who is a founder and executive chairman of IBS Software.
The company intends to use the funds to expand its business in India, US & EMEA markets, accelerate its product and technology innovation and invest further in R&D initiatives to constantly improve its IP assets portfolio, an official statement highlighted.
ShopConnect enables brands and retail merchants of all sizes to build next-generation online stores to give a highly immersive and collaborative user experience with features such as live video shopping and hyper-personalisation to increase buyer engagement and future-proof their businesses.
Dilli Babu Nandarapu, Founder and CEO of ShopConnect is elated with this new development and said “We will use the investment to enhance our core capabilities to grow our customer base. We will advance R&D to introduce exciting new solutions within the rapidly growing retail tech industry and expand our operations in the domestic and international markets. It is a highly competitive market place and our focus will be to empower our customers, enabling brands and retailers to emerge stronger in this era of ever-evolving consumer behaviour driven by personalisation. We aim to onboard 2500+ premium brands in fashion & accessories, footwear, jewellery, furniture, and electronics across India and other geographies in the next three years.’’
He further added to the statement, “The next big trend that we observe in the retail space is video enabled commerce that has a lot of potential to attract next generation consumers. It is indeed an exciting space for ShopConnect to be in as the market is expected to reach $4-5 billion by 2025 in India.”
Some of the notable customers of ShopConnect include premium fashion and retail brands such as Titan industries (US), Highline United (US), Designer Ridhi Mehra, Kavitha Gutta, Style, Neena Patial, among others.
ShopConnect headquartered in Bangalore empowers online stores of brands and retailers of fashion & accessories, footwear, jewellery, furniture, and electronics goods.