Ecommerce, Investments, News

Hyperlocal Service Marketplace HeyBiz Raises Seed Funding from ShopClues

HeyBiz, a mobile marketplace for products and services, which connects both customers and businesses on mobile phones, has raised an undisclosed amount of funding in seed round from ShopClues. With the investment, HeyBiz will specifically aim at improving their product offering while seeking new affiliations. “We intend on expanding into newer geographies like Chandigarh, Amritsar, Ludhiana, Lucknow and Jaipur,” said HeyBiz Founder and CEO, Bhartesh Chhibbar.

Launched in January 2015, HeyBiz is available on both, Android and iOS platforms and is a way for businesses to provide sales-marketing-support (SMS) at anytime and from anywhere.

Also Read: HeyBiz- A Mobile Marketplace to Connect SMEs with Customers in Real Time

Online shopping platform is also looking to invest close to $50 million in either buying stakes or acquiring as many as eight startups to accelerate expansion in Indian growing eCommerce market. Also, the company is expected to raise its next funding round within the current financial year. The funding amount is still undisclosed but it is expected to be in the range of $100-150 million, according to people familiar with the matter.

Additionally, this news follows the announcement of Mobile Commerce player Paytm acquiring on-demand hyperlocal home services provider in a cash and stock deal, to bolster its O2O game. Is its competitor Shopclues also planning something on the same lines?

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