Total amount raised
$3 Millions
Latest funding date
5/1/2022
Location
Shopflo has successfully raised funding from notable investors, including Tiger Global Management and Better Capital. The platform is designed to enhance the checkout experience for e-commerce businesses, offering features like password-less login and custom UI design.
Keep reading to explore the intricacies of Shopflo's fundraising journey and the investors backing this innovative platform.
What Is Shopflo?
Shopflo, founded in 2021, is a SaaS platform based in New Delhi, India. The company specializes in providing a seamless checkout experience for e-commerce brands, offering features like UI customization, discount engines, and payment gateways.
Founded by a team of innovative entrepreneurs, Shopflo has quickly grown to employ between 11 and 50 people. The platform is trusted by over 500 brands, aiming to enhance revenue through improved cart-to-order conversions and personalized shopping experiences.
With a focus on user-friendly design and robust analytics, Shopflo continues to revolutionize the e-commerce checkout process, making it easier for businesses to retain customers and increase their average order value.
How Much Funding Has Shopflo Raised?
- Seed Round
- Amount Raised: $2.6 million
- Date: May 2022
- Lead Investors: Tiger Global Management, TQ Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To address the high customer drop-off rate (70%) between the add-to-cart and purchase steps for D2C merchants, and to scale the product to 150 online merchants.
Shopflo has raised a total of $2.6 million in funding. The current valuation is not publicly disclosed.
Key Investors
- Tiger Global Management
- Details: Tiger Global Management is a global investment firm that focuses on private and public companies in the technology sector. The firm has a reputation for backing high-growth companies at various stages of development.
- Investment Focus Areas: Technology, Internet, Software
- Notable Investments: Facebook, LinkedIn, Spotify
- TQ Ventures
- Details: TQ Ventures is a venture capital firm co-managed by Schuster Tanger. The firm invests in early-stage companies with a strong understanding of their market.
- Investment Focus Areas: E-commerce, Technology, Consumer
- Notable Investments: Not publicly disclosed
- Better Capital
- Details: Better Capital is an early-stage venture capital firm led by Vaibhav Domkundwar. The firm is known for backing breakout SaaS companies.
- Investment Focus Areas: SaaS, Fintech, E-commerce
- Notable Investments: Open, Khatabook, Teachmint
What's Next for Shopflo?
Shopflo stands at the cusp of significant growth opportunities, driven by the increasing demand for seamless checkout experiences in the e-commerce sector. With plans to scale to 150 online merchants and process up to $300 million in GMV checkouts, the platform is poised to make a substantial impact. The focus on reducing the 70% customer drop-off rate presents a massive market potential, especially as more D2C brands seek to enhance their customer journey.
Future fundraising seems promising, given the successful seed round and backing from high-profile investors like Tiger Global and TQ Ventures. As Shopflo aims for international expansion and introduces new features in discounting and customer loyalty, additional funding rounds could be on the horizon to support these ambitious goals. However, the company may face challenges such as competition from established platforms and the need to continuously innovate to maintain a low cognitive load experience for users.
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