SnapBizz Gets Backing From Ratan Tata; Invests An Undisclosed Amount

Tata Sons Chairman Ratan Tata reacts as he speaks during a press conference prior to the launch event of the Tata Nano in Mumbai, India, Monday, March 23, 2009. Tata Motors is launching its snub-nosed, US$2,000 Nano Monday in Mumbai, a vehicle meant to put car ownership within reach of millions of the world's poor. The Nano, starting at about 100,000 rupees (US$1,980), is 10.2 feet (3.1 meters) long, has one windshield wiper, a 623cc rear engine, and a diminutive trunk, according to the company's Web site. (AP Photo/Gautam Singh)

15 February, 2016, Bangalore: Ratan Tata, Chairman Emeritus, Tata Sons makes his another move of backing-up yet another startup and this time it was SnapBizz which gets the funding from the business tycoon. Though the company has not disclosed the amount, it is looking forward to utilise the funding  in its further development. SapBizz, which devises technology for corner grocery stores, works with more than one thousand kirana stores across Mumbai, Pune, Delhi, Hyderabad, Chennai and Bengaluru, reports Times Of India.

Commenting on the funding, Prem Kumar, Chief Executive, Snapdeal said, “Tata, as one of the most respected names in corporate India, brings a rich legacy of doing business with a human touch. This reflects in his investment in SnapBizz as we have begun a humble journey to reverse the marginalization of SMBs and driving digital inclusion in the large consumer goods industry.”

SnapBizz in its Series A funding round had raised around US $7.2 million from Jungle Ventures, Taurus Value Creation, Konly Venture and Blume Ventures.  The company expanded its reach to smaller cities across the country with series A funding and it intends to stretch it further more with the help of fresh funding from Tata.

Image-Indiatimes.in

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