ShoppinPal, a Pune based Retail Tech start-up, today announced that it has raised $1.07 million in its first equity round of funding, led by Plug and Play Tech Center and Steelhead Ventures. ShoppinPal will use the funds to get more retailers on board, product development and brand building.
Plug and Play Tech Center is headquartered in Silicon Valley and has a world-class network of serial entrepreneurs and strategic investors. The company has also been instrumental in the growth of market leaders such as PayPal, Google, DropBox, etc. Steelhead Ventures, is a Micro-VC fund focused on seed-stage and Series-A investments. Steelhead’s portfolio includes 30+ visionary founders whose ideas and companies will impact their marketplace and communities.
Past investors include Adam Pisoni, who is the founder of ABIL Schools and had co-founded Yammer in 2008 which later got acquired by Microsoft for $1.2 billion.
Mr. Sriram Subramanian, Co-Founder & CEO of ShoppinPal, said, “This investment from Plug and Play Tech Center, Steelhead Ventures and other strategic investors is a great endorsement of the potential of the Retail Tech market in India. With our success in other markets like US, adequate funds and required guidance from our investor partners, we are confident of establishing ShoppinPal as a leading Retail Tech player in the country.”
Mr. Alireza Masrour, Managing Partner, Plug and Play Tech Center, said, “ShoppinPal’s innovative platform connects retailers and brands to the digital world and helps them further enhance sales. We see a huge potential for them in India and are confident that with our support they will replicate their overseas success in the country.”
Apart from Plug and Play Tech Centre & Steelhead Ventures, there are other strategic investors with retail expertise who were part of this funding round.