14 July 2016, India :
ShoppinPal, a retail tech startup has raised $1.07 million in its first equity round of funding, led by Plug and Play Tech Center and Steelhead Ventures. The Pune-headquartered startup will be using the funds to build its team and expand its market presence, primarily in India.
ShoppinPal operates under the parent company ‘Fermyon Inc’ which was setup in the United States in 2013. According to Crunchbase, the startup had earlier snagged $500,000 in seed funding from Alchemist Accelerator, Right Side Capital Management and Plug and Play.
Sriram Subramanian, CEO, ShoppinPal told ET that the US based investors were behind the company in its vision to expand its presence in India, a market they weren’t familiar with. “This investment from Plug and Play Tech Center, Steelhead Ventures and other strategic investors is a great endorsement of the potential of the retail tech market in India. With our success in other markets like US, adequate funds and required guidance from our investor partners, we are confident of establishing ShoppinPal as a leading retail tech player in the country.”
At present, almost 80% of ShoppinPal’s business comes from outside India, but Subramanian said that the India business was on track to ramp up rapidly.
ShoppinPal claims that it sees a lot of potential in the Indian m-commerce market and is trying to replicate their success in the U.S market here as well. It has partnered with top Indian online marketplaces and leading global point-of-sale (POS) companies such as Vend.