Ratan Tata invests in retail tech startup SnapBizz
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SnapBizz is now has presence in retail outlets in Mumbai, Pune, New Delhi, Bengaluru and Hyderabad through a technology solution addressing the key business challenges faced by them.
Commenting on the funding, Prem Kumar, Chief Executive, Snapdeal said, “Tata, as one of the most respected names in corporate India, brings a rich legacy of doing business with a human touch”.
The announcement comes less than a month after the Singapore- and India-based startup announced US$7.2 million in Series A led by Jungle Ventures, with participation from Taurus Value Creation, Konly Venture and Blume Ventures. “It comprises of tablet, barcode scanner, thermal printer and an intelligent external 22” consumer facing LED display for Hi-Definition consumer engagement.
SnapBizz had previously secured US$1.7 million in seed funding from Qualcomm Ventures, Jungle Ventures, National Research Foundation of Singapore, Taurus and Blume.
This is Mr Tata’s eighth investment in start-ups in 2016 so far.
In a diverse market like India, where the traditional kirana stores make 98% of store universe and 85% of retail business, the Snapbizz solution is revolutionizing kirana stores across the country by connecting all the dots of the fragmented FMCG ecosystem (brands, retailers, consumers, wholesalers and distributors) and addresses pain points of all stakeholders. This year, Tata has also invested in tea etailer Tea Box, coupons site CashKaro, baby products e-commerce site FirstCry, startup analytics firm Tracxn, animal lovers’ portal DogSpot, Invictus Oncology and Moglix.
Questions & Answers
Q.Which other companies has Ratan Tata invested in during 2016?
Which other companies has Ratan Tata invested in during 2016?
This year, Mr Tata has invested in Tea Box, CashKaro, FirstCry, Tracxn, DogSpot, Invictus Oncology and Moglix. SnapBizz is his eighth startup investment in 2016 so far.
Q.What is the primary purpose of the SnapBizz technology solution?
What is the primary purpose of the SnapBizz technology solution?
SnapBizz's technology addresses key business challenges faced by retail outlets. It aims to revolutionise kirana stores by connecting various stakeholders in the fragmented FMCG ecosystem, tackling their pain points.
Q.What components make up the SnapBizz solution?
What components make up the SnapBizz solution?
The SnapBizz solution comprises a tablet, a barcode scanner, a thermal printer, and an intelligent external 22-inch consumer-facing LED display. These components facilitate hi-definition consumer engagement.
Q.When did SnapBizz secure its previous funding rounds?
When did SnapBizz secure its previous funding rounds?
SnapBizz announced US$7.2 million in Series A funding less than a month before this announcement. It had previously secured US$1.7 million in seed funding from various investors.
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