Shoopy secures $25,000 to boost optimization of current portfolio

Noida-based retail tech startup, Shoopy, has declared generating funds of USD 25,000 in seed funding led by the US-based Campanile Investments LLC and Redcliffe Capital, a Delhi-headquartered investment form.

Apparently, this round is deemed to be the company’s very first funding post its launch in January 2020. Some of its original investors include Ambuj Chaudhary from Campanile Investments LLC., Ajit Pai from Pai Paipal Ventures, Nitin Passi from Lotus Herbals, Dheeraj Jain from R Redcliffe Capital, and Sunil Kumar Sighvi- South Handlooms.

Speculations have it that the latest funds generated would be used to accelerate the optimization of company’s existing product line and scaling its business activities and platform to reach to more customers locally and also in the international markets. Moreover, the funds would also be used to introduce new products in the near future.

It has been reported that Shoopy has amassed a customer base of over 40,000 SMB owners and retailers across the country till date. According to an official source, retailers on the platform are currently generating business of more than Rs. 4 crore per month, while looking forward to garnering a growth of 50% month-on-month.

Commenting on the recent accomplishment, Co-Founder of Shoopy, Amit Kumar, mentioned that the firm is delighted to announce its first-ever seed funding, the capital raised through which would be used and instrumental for Shoopy to bring forth more products and functionalities for its target audience.

He added that the SMB sector in India has been mostly deprived of technology and is unorganized, and in this regard, Shoopy is seeking to transform the scenario by making sure that the best, most-affordable, and easy-to-use technology solutions is made available to each and every SMB in the country.

For the record, Shoopy, co-founded by Amit Kumar and Indar Kriplani, caters to SMB space with solutions like quotations, invoices, account management, and inventory management. Besides, it aims to make use of digital tools such as Facebook, WhatsApp, and mobile cameras to assist SMBs in their offerings.

Source Credit: https://tech.hindustantimes.com/tech/news/retailtech-startup-shoopy-bags-250-000-in-seed-funding-71615105079206.html