Buyt, a product metasearch engine startup raises funding

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.

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Other players competing in this space includes Nupinch.com, Mypriceindia.com, Junglee.com, Pricedekho.com, 500startups backed Pricebaba.com etc.

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  • Sushil

    Irrespective of what the comments are, looks like the team did raise 1M USD. Congrats to the team. The price comparison market is heating up :). Some cons of the site: The data is stale too, lower prices are for a lot of products are not showing up as of now. Probably with time, more merchants will show up in their search. As of now , it is not useful

  • Oxana

    impossible !!!

    its only possible provided the Investor
    a. have no business sense of eCommerce India, OR
    b. is having huge money and is desperate in investing in any venture

    OR

    the founders

    a. are clever enough to use ‘iamwire’ as a marketing platform, to spread the news of their success

    No institutional investor – VC, or even angel investor will invest $ 1 M, just because one is having 5 million products. Investors look for traction in terms of no of daily visitors, no of users who are actually buying, revenue. Junglee already present in the market with 20 million products, having all features present and with huge brand value; why will user/ investor prefer any other company. Why will a user visit their website when the names of Flipkart, Snapdeal, eBay, Amazon are so popular. How is their business model different from Snapdeal, Junglee, Amazon, eBay? They are some of the leaders in marketplace. Just increasing the number of product and search, in my sense is not sufficient in raising $ 1 M.

    • Iamwire

      All the above details are gathered from multiple founders of Buyt.in over a telephonic recording, the funding amount shared by the company is between INR 5-10 crore, as we are stating the amount of funding in the ‘order’ of USD 1 million.

      The investing company shared by the founders is a digital marketing company in Delhi NCR and not a VC firm, not disclosing the name.

      The company has also partnered with Buyt.in to take care of all marketing budgets of Buyt.in , hereby decreasing the risk of investment.

      The company is further backed by a US based PE firm as per the founders.

  • well wisher

    hard to believe, esp when I kind of saw their plan and positioning..

  • Puneet Sharma

    This is unreal man !!