Bengaluru-based retail technology startup SnapBizz Sunday said it has raised an undisclosed round of funding from veteran industrialist Ratan Tata.
SnapBizz: Amazing Story of $1 Billion Opportunity Spotted By An Employee and Backed By His Company
This is Tata’s eighth investment in startups in 2016 so far. Tata, former Tata Group chairman, has invested over 20 startups so far.
In January 2016, SnapBizz had announced a Series A funding of $7.2 million (roughly Rs. 48 crores) led by Jungle Ventures, Taurus Value creation, Konly Venture and Blume Ventures.
With the mission of transforming the unorganised fragmented retail sector in the country, SnapBizz currently works with over a thousand kirana stores across Mumbai, Pune, Delhi, Hyderabad, Chennai and Bangalore and aims to expand its footprint across other tier 1 and 2 cities.
“A visionary of Mr.Tata’s stature showing confidence in SnapBizz is certainly a big boost for our business idea and will continue to accelerate the digital revolution in India’s kirana stores. Brands are also seeing this as an opportunity to partner with us in order to be a well wisher of the retailers,” Founder and Chief Executive Officer Prem Kumar said in a statement.
The retail technology startup solutions enable smart store management and a digital connection to consumers, FMCG companies and distributors. it was founded in 2013.