Tiger Global goes seed-stage, invests in ecommerce enablement startup Shopflo’s $2.6 million round
Shopflo cofounders (L to R): Ankit Bansal, Ishan Rakshit, Priy Ranjan (below) Bengaluru: Ecommerce enablement startup, Shopflo on Wednesday said that it has raised $2.6 million as a part of its seed funding round led by Tiger Global and TQ Ventures . Better Capital as well as a pool of angel investors from the Indian startup ecosystem also participated in the financing round.
With this Shopflo becomes one of the only Indian startups at a pre-product stage, which has received seed funding from Tiger Global. While Tiger is a multi-stage fund it’s not common for it to back seed-stage companies.
Also Read: New York-based Tiger Global has lost about $17 billion as a result of this year’s selloff in technology stocks, one of the largest dollar falls for a hedge fund in history.
Founded in 2021 by Priy Ranjan , Ankit Bansal and Ishan Rakshit , Shopflo provides a platform which allows direct-to-consumer (D2C) brands to improve their checkout experience at their own websites and improve conversion rates. It further helps to personalise these checkout experiences for customers, across brands.
The startup, at present, has partnered with six merchants including D2C firms and a rollup commerce brand.
The company declined to offer details of these merchants. It has also partnered with leading payment gateways including Razorpay and Cashfree to offer checkout payments to its merchant partners.
“After speaking to more than 100 small merchants, we realized that there continues to be a gap in checkouts for smaller brands as compared to larger platforms, who own their checkout experiences. Through Shopflo, we want to ensure that customers get the same checkout experience across all small D2C brands they shop from, and increase conversions for these smaller merchants. We are already seeing a 15% to 20% increase in conversions for some of these brands,” said Ranjan, […]
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