Shopping and savings discovery platform Scandid raised an undisclosed amount of pre-series A funding in a round led by Mohandas Pai’s fund 3One4 Capital and existing investors. In October last year, Micromax had strategically invested in Scandid, and the company had also previously raised funding from Silicon Valley-based investor Sandeep Johri and others.
“We have over seven million installs, with over 3.6 million registered users. We are now looking to further accelerate user acquisition, engagement and monetisation in the next six to nine months. We are also planning to expand our team, which, at present, consists of over 30 people,” says Sushil Choudhari, Co-Founder, Scandid.
The team is also looking to expand across Mumbai and Bengaluru. Founded in 2013, Scandid helps customers save money by discovering products across online and offline retail platforms and comparing prices.
Sushil adds that in the past 12 months, they have helped people save more than Rs 6 crore, and have driven GMV of Rs 100 crore for their e-commerce partners. Mohandas Pai believes that retail continues to expand as an important market, and that the need for smart discovery is an interesting challenge.
Speaking on investing in Scandid, Pai, in his press release, said:
We see a team that has deep expertise in growth and distribution on mobile to understand the needs of the modern consumer base and optimise for true network effects. Their core value lies in a great discovery experience and their ability to utilise behavioural data in fresh and interesting ways. We believe Scandid will drive an important shift towards intelligent customer-first retail experiences, and are excited to be joining them on their journey forward.
Working along the festival season, Scandid is also helping customers find all best-selling offers in one place and compare prices. Sushil adds that the funding will help the team consolidate Scandid as a market leader in the discovery space.
Speaking of the funding, Rahul Sharma, Managing Director, Micromax, adds that Scandid is simplifying shopping and helping customers make informed decisions.
He added that their strategic partnership will help provide a great out-of-the-box shopping experience to their users, which is seamlessly integrated into their mobile phones.
The space for price comparisons is fast growing. One prominent player similar to Scandid is BuyHatke, which was founded in 2013 and had raised $1 million in funding from Japanese e-commerce and investment company BEENOS and Kris Gopalkrishnan. MySmartPrice, another price comparison platform, raised $10 million in Series B funding. Some other players include PriceBaba, DiscountMe, FindYogi and PriceCheckIndia.