Hyderabad based startup MySmartPrice today announced that they secured 2 crore INR in funding from Accel Partners & Helion Venture Partners. Ashish Gupta, MD, Helion Venture Partners will join the board.
The funds shall be used for fine-tuning the product, and hiring engineering and marketing talent. The firm is operational since October 2010, and has an 8 member team based out of Hyderabad.
Speaking about the traction, Sitakanta Ray, co-founder of MySmartprice said, “We have 2.5 million users every month, and have seen a 100% growth in traction since February 2012.”
Sitakanta is an alumnus of IIM Bangalore, and has 7 years of work experience with firms like Oracle and ICICI Bank. His co-founder, Sulakshan Kumar, is an alumnus of NIT, Rourkela and has worked at firms like Oracle and Infosys before joining hands with Sitakanta. The duo met while working together at Oracle.
The major source of revenue is affiliate revenue.
Speaking of the challenges, Sitakanta said, “Building the technology team, and distribution of the product are our major challenges. We plan to use the funds to solve these problems.”
Sitakanta identified Junglee, PhoneCurry and IndiaBookStore as their major competitors.
We at YourStory.in wish Sitakanta and his team all the very best as they plan to scale, and we shall keep you posted about all the updates from their end.