Bangalore based startup Jiffstore, which offers mobile commerce and customer engagement solutions to retailers, has raised an undisclosed amount.The investment was led by global impact investment firm, Unitus Seed Fund.
The company aims to utilize the raised funds for developing its technology platform and expand its customer base of small shops.
Jiffstore was co-founded in 2013 by CMO Aswin Ramachandran, CTO Satish Basavaraj, CEO Shameel Abdulla and CIO Sandeep Srinath. It is an m-commerce platform that help supermarkets and big retail stores to sell grocery online. The firm also provides an iOS and Android app through which consumers can browse store items, make orders, and optionally have them delivered.
At present, the company claims to have a client base of 1.5 crore Kirana stores and small shops, taking benefits from its solutions. “Retail in India is expected to reach INR 45 lakhs crore (USD 750 billion) by 2015. Ninety two percent of the retail market is unorganized – mostly in small shops. We see a fantastic opportunity for a cost-effective m-commerce solution to automate these shops, help them compete, and delight their customers,” said Shameel.
Unitus Seed Fund, a financial service group, majorly invests in BoP startups and in multiple emerging markets. This year, it was Unitus Fund’s fifth deal and second m-commerce related investment in India. It has also made investment in mGaadi, a m-commerce solution for ordering auto rickshaws.
Till date, it has launched two funds, viz. INR 155 crore, Cayman Island-registered Unitus Seed Fund and the INR 75 crore local currency fund, USF India. It is also backed by a host of well-known angel investors such as Manipal Group chief Ranjan Pai, Sun Microsystems co-founder Vinod Khosla and Unitus cofounder Mike Murray.
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