E-commerce enabler Shopmatic has raised $5.7 million in Series AA funding led by ACP Pte Ltd. The round also saw participation from the SPRING SEEDS Capital Pte. Ltd, the investment subsidiary of SPRING Singapore.
Commenting on the funding, Samir Narula, Managing Partner of ACP, who have also joined as the board of directors of shopmatic said, “We are excited about Shopmatic’s vision of enabling mass adoption of e-commerce in emerging markets and proud to partner with them as investors. By using the deep data-sets generated on its platform, Shopmatic has the potential to enable SMEs and partners better target their services and products and to accelerate the adoption of e-commerce in these high-growth markets,” said, Sameer Narula.
The company was launched in December 2014 by three Paypal executives, Yen Ti Lim, Anurag Avula, and Kris Chen. The startup enables Small and Medium-sized Enterprises (SMEs) and entrepreneurs to take their business online. From building a website to listing it on an e-marketplace, promoting it on social channels, and providing useful customer insights, it handles everything that merchants and individuals need to grow their business online.
“We have witnessed tremendous growth in merchants leveraging our platform with monthly growth rates in excess of 40 percent. Our approach of simplicity with a wide value proposition to our customers has deepened our engagement with sellers and grown the category of online sellers,” said CEO Shopmatic, Anurag Avula.
The company has headquartered in Singapore with offices in Bengaluru and Gurugram. With the raised capital the company plans to further expand into other markets in Indonesia, the Philippines and the Middle East.
Last year, Shopmatic launched Shopmatic Go, a mobile-centric product with more than 130,000 downloads, and acquired Taiwan-based 5xRuby.