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MySmartPrice raises $10 mn in funding round led by Accel

Hyderabad-based
price comparison and search site
MySmartPrice has raised $10 million. The round was led
by Accel with participation from Helion Venture Partners.

Hyderabad-based
price comparison and search site
MySmartPrice has raised $10 million. The round was led
by Accel with participation from Helion Venture Partners.

Founded in 2010,
MySmartPrice plans to use the fresh influx of capital to grow its focus on the
offline shopping experience. The startup raised $1.3 million across two prior
funding rounds.

According to a
TechCrunch report, the company began life as a tech and
gadget-focused price comparison service, but over the years it has added
verticals and new components to the experience.

MySmartPrice co-founder
and CEO Sulakshan Kumar told TechCrunch that the site currently sees 10
million unique users each month and $120 million in GMV annually and it is
currently heavily focused on helping offline merchants reach users via its service.

“The broad
vision is that we want to help people shop smarter: search for items, decide
which they like and buy,” Kumar told TechCrunch. “We no longer want
to limit the service to online. We started working on boarding offline
retailers, so when a user comes to visit we can show products, availability and
pricing across all stores.”

The idea, he
furthered added, is to allow consumers in India to buy any item from any store.

At present, MySmartPrice
has offline retail partners in three cities, with support for two more coming
soon, but the service is aiming to expand to 50 cities — and 100,000 retailers
— using this new funding. The company said its offline partners are already
transacting $2-3 million from its site per month. It isn’t currently charging
offline retailers to be on its platform, but once it reaches scale it will draw
revenue either via a listing fee, or a commission-based approach which it
already uses for online sales, Kumar said in the report.

The company
claims that 60 percent of its traffic is from mobile devices. Mobile accounts
for around half of all purchases, too, Kumar revealed in the report.

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