Singapore-based e-commerce company Shopmatic on Wednesday announced raising of USD 5.7 million of Series AA funding led by ACP Pte Ltd, a technology focused Venture Capital firm, and SPRING SEEDS Capital Pte. Ltd, the investment subsidiary of SPRING Singapore.
After having successfully scaled its operations in India, Singapore and Hong Kong, Shopmatic will be using the funds to expand into other markets in Indonesia, the Philippines and the Middle East.
The company also announced joining of Sameer Narula, Managing Partner, ACP as the Board of Directors of Shopmatic.
Shopmatic has made significant strides in the past year with the launch of Shopmatic Go, a mobile-centric product with more than 130,000 downloads since November and with the acquisition of Taiwan-based 5xRuby, a leading technology development house.
"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.
"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 Managing Partner ACP, Sameer Narula.
Shopmatic caters to a multitude of merchants, including brick-and-mortar retailers and those selling on online marketplaces. From building a website to listing it on an e-marketplace, promoting it on social channels, and providing useful customer insights, Shopmatic handles everything that merchants and individuals need to grow their business online.
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