SmartPocket, a Bangalore-based mobile technology startup that connects offline businesses to local customers, has raised about INR 1.5 crore in seed funding from early stage investment firm Sol Primero and an angel investor Rajiv Mehta.
As per an ET report, the raised funds will be used for product development, acquiring users and forming partnerships with offline businesses. Also, the firm aims to reach a user base of over half a million by the year end. It was incubated at Nasscom 10,000 Startup Venture program, and had also been picked by Google for its first mentorship programme in the country—Google LaunchPad.
Founded by ex-Goldman Sachs employees Kiran Shastri and Mayank Shah, SmartPocket has attracted brands like Puma, People, Turtle and Peter England as its partners. The app stores loyalty, insurance, hotel, airline and ID cards. It scan both sides of a user’s card to carry digital copies of them on SmartPocket and protect data by activating Pin Code.
The app also tracks users’ membership, allows them to make inquiries, book appointments and make purchases with respective businesses. The firm claims to achieve a 100 percent rate in the rate of merchant tie ups month-on-month.