Retail technology firm SnapBizz raises $7.2 million to spur market expansion

BENGALURU: SnapBizz, a retail technology firm, has raised $7.2 million (approx. Rs 48 crore) led by Jungle Ventures, Taurus Value Creation, Konly Venture and Blume Ventures. The funds raised will be used to continue the firm’s growth and spur market expansion across cities.

“We are thrilled that all ecosystem players have shown confidence in our solution and that our existing investors have reiterated their support to us. Large retail and online players account for only 10-15% of any brand’s business. The remaining 90% happens through traditional trade and there is zero or minimal last-mile connectivity between brands, consumers and retailers. We are on a mission to address this big gap while addressing the pain points of the kirana stores,” said Prem Kumar, CEO, SnapBizz.

SnapBizz’s solution is present in traditional retail outlets in Mumbai, Pune, New Delhi, Bengaluru and Hyderabad via a technology solution. The solution comprises a tablet, barcode scanner, printer and an intelligent consumer-facing LED display for consumer engagement. SnapBizz had earlier raised $1.7 million, making the overall investments at around $9 million. “We are convinced with the SnapBizz business model, which brings a tailored technology solution to kirana stores and believe that it will play a large role in India’s retail growth story,” said David Gowdey, Managing Partner, Jungle Ventures.