Online comparison and product discovery platform MySmartPrice has raised $10 million in Series B round of funding led by Accel Partners with participation from Helion Venture Partners. The company will use proceedings to usher into hyperlocal segment, marketing and hiring.
Started in 2010 as a book comparison portal, MySmartPrice helps buyers throughout the purchase cycle; from researching on a product to deciding where they can buy the product at the best price. Since the last year, it has made a serious push into offline and hyperlocal commerce.
With Series B infusion, the company aims to expand to over 50 cities across the country and bring 100K local retail stores. MySmartPrice had processed $120 million and aspires to reach over $350 million GMV by the end of current fiscal. Sulakshan Kumar, Co-founder & CEO, MySmartPrice, said,
The fresh round of funds will be used to build a truly omnichannel platform which will facilitate users to search, decide and buy Any Product from Any Store, whether online or offline. Our vision is also to enable millions of small retailers and entrepreneurs to improve their businesses by truly digitising them.
Subrata Mitra, Partner, Accel Partners believes that MySmartPrice founders have built a great team, a great culture and a great product.
Early this year, MySmartPrice ventured into offline listing for mobile phones in Hyderabad, Bangalore and Delhi, helping users get the best possible price for a product both online and offline in these cities. The company claims to have offline partners are already doing business worth $2-3Mn every month. Rahul Chowdhri, Partner, Helion Advisors, added,
Since its inception, MySmartPrice has had a healthy, organic growth that is both sustainable and aggressive at the same time. We believe it will continue to lead the space in the future too and are excited with the growth path that the company is on.
The Hyderabad based company competes with Buyt, FindYogi, BuyHatke and Wicfy in digital space. In offline and hyperlocal space it competes with Pricebaba and recently launched Paymango, Beaconifi and Niffler.
MySmartPrice’s move to step into hyperlocal space is well timed and it would be interesting to watch how offline and hyperlocal verticals contribute to company’s growth, which is aiming to reach one billion USD GMV by 2017-18.