Shopping and product discovery service MySmartPrice has raised $10 million in Series B round of funding led by Accel Partners with participation from Helion Venture Partners.
The funding will allow the company to expand its hyper local shopping services to over 50 cities across the country, enable over 100,000 local retail stores reach their customers online and super charge its growth to reach a GMV of $1 billion.
Commenting on the investment, Sulakshan Kumar, Co-founder & CEO, MySmartPrice said, “The fresh round of funds will be used to build a truly omnichannel platform which will facilitate users to search, decide and buy Any Product from Any Store, whether online or offline. Our vision is also to enable millions of small retailers and entrepreneurs to improve their businesses by truly digitising them.”
Started in 2010, MySmartPrice helps buyers throughout the purchase cycle; from researching on a product to deciding where they can buy the product at the best price. Since the last year, MySmartPrice has made a serious push into offline commerce.
MySmartPrice caters to over 10M unique users monthly, and has been growing over 1000% year-on-year. The company now aims to become an omnichannel player by adding inventory and pricing from offline stores to its product offering. The company is also expanding its teams across product and engineering, analytics, operations and marketing.
Early this year, MySmartPrice ventured into offline listing for mobile phones in Hyderabad, Bangalore and Delhi, helping users get the best possible price for a product both online and offline in these cities.
The android app from the company provides the prices of products and specifications and has a dedicated section for offers and deals. In Hyderabad, Bangalore and Delhi, app users also get to see the price of mobile phones among offline retailers in vicinity. The service has recently begun in Chennai and is expected to launch in Mumbai next month.
MySmartPrice had raised $0.37 million in May 2012 and $1 million in Series A funding in December 2013 from existing investors Helion Ventures and Accel Partners.