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Shopalyst raises $2 million from Kalaari Capital

  • Shopalyst
    Technologies, which provides a platform to create digital storefronts on
    websites and apps, has raised $2 million in a Series A funding round from
    Kalaari Capital.
  •  
  • A digital storefront
    allows online retailers to sell products directly on popular websites and apps,
    while it gives consumers an opportunity to shop when browsing a particular

    • Shopalyst
      Technologies, which provides a platform to create digital storefronts on
      websites and apps, has raised $2 million in a Series A funding round from
      Kalaari Capital.
    •  
    • A digital storefront
      allows online retailers to sell products directly on popular websites and apps,
      while it gives consumers an opportunity to shop when browsing a particular
      website or app without visiting the merchant’s platform.
    •  
    • The company, which
      was founded by four former Infosys executives – Girish Ramachandra, Sajeesh PJ,
      Mohan Kumar Krishnan and Vibin Balakrishnan – had earlier raised $250,000 from
      Basab Pradhan, former head of global sales and marketing at Infosys, and
      Kanwaljit Singh, founder of Fireside Ventures, an early-stage investment firm.
      The company counts Infosys Ltd’s co-founder Nandan Nilekani as an advisor.
    •  
    • Shopalyst has
      developed a platform called Shortlyst, which allows publishers and developers
      to add in-app buy buttons on content such as images, videos, chats, news or
      social shares, which can prompt a consumer to make a purchase.
    •  
    • “If there is an
      editorial content that talks about a certain fashion trend, you can have a buy
      option on the content page, where, at the click of it, we can bring a product
      from multiple retailers related to that content,” said chief executive
      Ramachandra.
    •  
    • “We are adding
      functionality to the content. It is not an ad that comes as an extra
      thing,” he added.
    •  
    • At present, the
      company charges the merchants a commission for every transaction and pays the
      publishers—websites and app—for using the storefront powered by Shopalyst.
    •  
    • “We index
      product information from multiple e-commerce sites and make them available for
      instant shopping. We work with popular sites such as Myntra, Jabong, Flipkart
      and Amazon, among others. We currently cater to the fashion and beauty
      categories and are just about adding electronics,” said Ramachandra.
    •  
    • Interestingly,
      Facebook, Twitter, Google, Pinterest and YouTube are also experimenting with
      in-app buy buttons to grab a major share of the e-commerce pie by leveraging
      the reach of social media. Home-grown mobile advertising technology company
      InMobi has also launched a new platform called Miip, which also allows in-app
      purchases.

     

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