Buyt.in, an online product discovery platform has closed a funding round in the order of USD 1 million from one of the digital marketing company in Delhi NCR. The official announcement will be coming by the end of July.
In addition to the economic support, the investing company will act as a strategic partner for Buyt and will handle the marketing operations for the company.
Buyt’s founder declined to reveal the name of participating company as per a term sheet clause.
According to Simran, one of the cofounders at Buyt.in, the company will use the funding to expand its team size and will work to optimize the website’s UI and UX for better customer experience. Furthermore, the funding money will be used to expand globally and tap international markets. “We look forward to get benefited from our investee’s experience of working in other international markets.” added Simran.
By promoting products through its platform to consumers, Buyt.in, helps a shopper to access wide range of selected products, along with helping retailer to cut down their marketing expense through affiliate marketing.
Having more than 5 million products listed and over 4,500 brands associated with the company, Buyt.in has exclusive partnerships with several companies including big names such as Flipkart, Snapdeal etc.
The startup has also received a successful copyright for its search algorithm in India and will be planning to go for a patent in US, due to certain difficulties in the patent process in India.
Simran further highlights the challenges and delay it took to receive the copyright process in India which normally takes few days in US.
Other players competing in this space includes Nupinch.com, Mypriceindia.com, Junglee.com, Pricedekho.com, 500startups backed Pricebaba.com etc.