Total amount raised
$3 Million
Latest funding date
5/1/2022
Location
Shopflo has raised funding through a Seed round, attracting notable investors such as Tiger Global Management, Better Capital, and TQ Ventures. The platform is designed to enhance the checkout experience for eCommerce businesses, offering a range of products and solutions to increase conversions and average order value.
Keep reading to explore the intricacies of Shopflo's fundraising journey and the investors backing this innovative platform.
What Is Shopflo?
Shopflo is a SaaS platform that enhances the checkout experience for eCommerce brands. Based in New Delhi, India, the company operates within the eCommerce and retail industries. With a team of 11-50 employees, Shopflo focuses on increasing conversions and average order value through customizable solutions.
Founded to address the challenges of online checkout processes, Shopflo has quickly gained traction, attracting notable investors and being trusted by over 500 brands. The platform offers a range of features, including gamified promotions and deep analytics, to help eCommerce businesses improve key metrics and retain shoppers.
How Much Funding Has Shopflo Raised?
- Seed Round
- Amount Raised: USD 2,600,000
- 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 during the checkout process for D2C merchants and to create a seamless, low-mental-load checkout experience.
Total amount raised: USD 2,600,000. Current valuation: Not publicly disclosed.
Key Investors
- Tiger Global Management
- Details: Tiger Global Management is a prominent investment firm known for backing high-growth technology companies globally. John Curtius, a partner at Tiger Global, has expressed confidence in Shopflo's potential.
- Investment Focus Areas: Technology, software, internet, consumer.
- Notable Investments: Facebook, LinkedIn, Flipkart.
- TQ Ventures
- Details: TQ Ventures is a venture capital firm co-managed by Schuster Tanger, focusing on early-stage investments. The firm is known for its strategic investments in high-growth potential startups.
- Investment Focus Areas: Technology, e-commerce, consumer-focused businesses.
- Notable Investments: SpaceX, Airbnb, Stripe.
- Better Capital
- Details: Better Capital is an early-stage venture capital firm led by Vaibhav Domkundwar. The firm is known for backing innovative SaaS companies and other technology-driven startups.
- Investment Focus Areas: SaaS, fintech, e-commerce.
- Notable Investments: Khatabook, Teachmint, Open.
What's Next for Shopflo?
Shopflo stands at the cusp of significant growth opportunities, particularly in addressing the high customer drop-off rates during the checkout process for D2C merchants. With the Indian e-commerce market described as a "megatrend," the potential for Shopflo to become the default checkout solution is immense. The company plans to scale its product to 150 online merchants and process up to USD 300 million in GMV checkouts in the fiscal year of 2022.
Future fundraising opportunities appear promising, given the strong backing from investors like Tiger Global and TQ Ventures. As Shopflo continues to demonstrate its value, it is likely to attract further investment, potentially leading to strategic acquisitions to enhance its technology stack or expand its market reach.
However, challenges lie ahead. Competition from established e-commerce platforms and the need to continuously innovate to stay ahead in a rapidly evolving market are significant hurdles. Ensuring seamless integration with various payment gateways and maintaining a low cognitive load experience while scaling will be crucial for Shopflo's sustained success.
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