PayU and Zomato’s former CTO’s Gajinder Singh and Ram Singla, respectively, have secured around Rs 1.5 crore ($234,000) angel funding from a group of unnamed internet entrepreneurs and investors for their all new venture PayMango.com. The startup is a mobile commerce platform for local traders.
Co-founder and CEO of the company Gajinder Singh has plans of raising another $1 million (Rs 6.4 crore) in Series A round of funding from multiple investors in a month’s time, as reported by VCCircle.
The startup has launched the beta version of the website and has opened up the registration for local shopkeepers. The Co-founders of the company have plans of launching their B2C app soon.
“The idea is to meet demand with local supply. It would offer a digital platform for local store keepers. For customers it guarantees real-time localised deals, reducing waiting time,” said Gajinder Singh, PayMango Co-founder. Further adding he said, “We are not catalogue-based but campaign-based. Our idea is to enhance the discoverability of local traders and bring them on to m-commerce marketplace.”
As for the future, the startup plans to start its operation from Gurgaon (MG Road) in one and a half months, going locality by locality and to eventually cover the entire Delhi NCR area in six months time. Once this is accomplished, it will target tier 1 metros.
An increasing trend in mCommerce has been observed. People are necessarily realizing the need of having a mobile application to help grow their business. In April Myntra shut down its website and became a mobile only service. PayMango is also an mCommerce platform, catering to the needs to local traders.