Surpassing Q1 revenue projections, Shopmatic acquires 120K customers, and now targets $30Mn Series B fundraise
Aggressively onboarding new sellers following the launch of its disruptive offer, Shopmatic is poised to bring half a million merchants online this year
SINGAPORE – Media OutReach – 4 July 2019 – Driven to enable the online success of businesses and remove the silos in offline and online markets for aspiring entrepreneurs and small businesses, the international e-commerce company, Shopmatic announced closing 120,000+ customers. Shopmatic has achieved the milestone in less than three months, within the April-June quarter, also successfully clocking in a whopping 174% revenue growth & 160% transaction growth over the previous quarter. Beating the projections, Shopmatic is poised to bring half a million merchants online before the end of this year. Riding on the back of tremendous growth figures, Shopmatic will now also be pursuing fundraise worth 30 million in the Series B Round.
Shopmatic has pivoted its exponential growth on a disruptive offer launched prior to the beginning of this quarter. In a move meant at transforming India’s e-commerce landscape, Shopmatic made its powerful e-commerce platform available for SMEs and aspiring entrepreneurs at only Rs. 50 for 1 year. The offer, furthermore, aligned the pricing model with the online success of customers, charging only 3% as transaction fees following a successful sale.
The disruption brought by Shopmatic has successfully removed the roadblock of high anticipated capital expense and uncertainty regarding the success of the online business. In addition, it inspired more businesses and talented individuals to explore the world of online selling, as reflected in the manifold increase in Shopmatic’s user-base at present.
Commenting on the milestone, Anurag Avula, Co-Founder & CEO, Shopmatic, said “This is a milestone for Shopmatic towards its vision of removing the roadblocks faced by aspiring entrepreneurs, talented individuals, and SMEs in accessing the world of opportunities offered by the e-commerce sector. Subsequent to the launch of our disruptive offer, we have successfully closed 120,000+ customers and our revenues have grown by 174% over the last quarter. More importantly, this exponential growth is a testament to the predominant need in the market for the solutions offered by Shopmatic. We shall continue to disrupt the status quo with our customer-first approach and are looking to raise 30 million for venturing into newer markets while strengthening our foothold in the national and international markets where we are currently present. Going by the current trends, we are on the right track to bring more than half a million merchants online by the end of this year.”
Shopmatic continues to invest in new capabilities and support its customers throughout their e-commerce journeys. Following its merger with POS & retail management solution provider, Octopus, Shopmatic now offers an omnichannel approach to its customers for growing both their online and offline businesses. Empowered by the tremendous success, Shopmatic is set to raise funds worth 30 million, to expand its business and enable the online success of aspiring entrepreneurs, hobbyists, craftsperson, and small merchants. The Company recently concluded a Series A raise of 10.1 Ml SGD.