Bangalore-based startup Synup that provides Saas solutions for marketing of local businesses, has raised $6 million in Series A funding led by Vertex Ventures. The round also saw the participation of its existing investor Prime Venture Partners.
Launched back in 2014, Synup was founded by 23-year-old Ashwin Ramesh along with industry veterans Mohan Gopalakrishnan and Karthik Krishnamoorthy.The startup caters to merchants currently in the US, but has plans to start operations in Western Europe and the UK as well.
With the funding in hand, it will focus on strengthening its tech platform to cater to a larger chunk of merchants and expand to newer geographies.
“We have 50,000 merchants signed up on our platform using our services presently. We have to increase it to 5 lakh over the next three years. We are already working with 50 major online platforms like Google, Facebook, Yelp, Apple, Yellow Pages,” told Ashwin Ramesh to VCCircle.
Synup achieved USD 1 million in annual recurring revenues in the first 9 months of its launch, according to a company executive.
“Our SaaS-based solution helps them update their information in real time across platforms which saves them cost and increases efficiency,” said Ramesh. “We usually have an annual contract with these merchants for which we charge them $360 for each store location.”
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