City-based startup Warrantify, which has offices at Helsinki (Finland) and Hyderabad (India), is planning to raise around Rs 13 crore (euro 2 million) as seed funding from angel investors and high networth individuals in the next two months.
The venture, which was incubated in June last year, helps customers store paper-based warranties and receipts in a secured manner by archiving the warranty receipts in electronic format.
“We are planning to raise a substantial amount for expansion to other cities in India as well as abroad for which we are in talks with various angel investors and high net worth individuals. We expect that to happen in the next two months,” Haritash Tamvada, founder and chief executive of Warrantify, said.
The company has 2,500 registered customers. Most of the customers misplace the warranty card of their buying products, important documents including investments receipts, bills, even PAN card, passport, driving licence. The solution serves the required needs of digitisation of paper receipts, he said.
The entire process works in two ways — one when a consumer purchases a product, she is being given a number, a user id and a password, which she can access anytime from anywhere. The second option is the user has to click and upload the pictures in Warrantify account. Once a consumer registers with the firm on the website, she can upload the documents via desktop or a smart phone app.
“We are upbeat about India as the number of smartphone users in India is growing 40 per cent year-on-year. Of the total 800 million mobile users in India, 10-15 million are smartphone users,” he said.
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The Warrantify app is now available for iPhone and Android users, and soon will be available for BlackBerry and Windows device.
The company is also in tie-up talks with retailers, mainly large-store format retailers including Pantaloons and Future Bazaar, and online retailers to provide its service, he said.
It is looking at 5,000 customers by June this year.