ZoomTail Technologies raises funding led by Matrix Partners
ZoomTail Technologies, the omnichannel commerce platform for fashion SMEs, raised undisclosed funding led by Matrix Partners. Other participants included Kunal Shah, Founder of FreeCharge and Founder of Cred, V1 Capital, other angels like Anshuman Bapna and CureFit's Shamik Sharma.
The funds will be used to build a technology platform for retailers, manufacturers, and SMEs to expand their customer base, trade and network reach.
Founded last year by Varun Jain and Swedesh Srivastava, the team claims to have operations in different states and is focussed on expansion. In a press statement released by Matrix Partners, Varun Jain and Swedesh Srivastava, Co-Founders at ZoomTail, said,
“Our vision is to enable fashion SMEs, and people working in them, by giving them easy-to-use tools to be more effective and expand their business. Matrix is a great partner in our journey, with its experience in retail and SME technology platforms.”
Prior to founding ZoomTail Varun started his career at Boston Consulting Group, and was the lead product manager at Myntra. Swedesh, on the other hand, has led supply chain and product development at Apple, Intel, and Lam and also headed the supply chain automation at Flipkart.
Rajinder Balaraman, Director, Matrix India, said in a press statement, “We believe that India’s retailers can play an integral role in serving consumers the right fashion selection at the right cost-to-serve including logistics and returns. Zoomtail’s approach to provide retailers sales tools leveraging existing social media platforms is differentiated and we are privileged to partner with Varun and Swedesh on this journey.”
Earlier this month, Matrix Partners announced the close of its Fund III with committed capital of over $300 million. Matrix India Partners believes that social commerce as a theme will pick up this year. It is believed that the first era of social commerce was search and text, and there was little use of local languages, AR-VR, influencers, and other factors.