Total amount raised
$21.9 Million
Latest funding date
5/1/2022
Location
Smytten has successfully raised funding over five rounds, with the latest being a Series B round. The platform offers users the opportunity to try genuine sample products for free online in India.
Keep reading to explore the intricacies of Smytten's fundraising journey and the investors backing this innovative platform.
What Is Smytten?
Smytten is an online discovery platform that offers direct-to-home product trials for D2C brands. The company is located in Bengaluru, Karnataka, India, and operates within the consumer, content discovery, e-commerce, lifestyle, and retail industries.
Founded by passionate entrepreneurs, Smytten has grown to employ between 251-500 people. The platform allows users to try genuine sample products for free, focusing on beauty, wellness, and lifestyle categories.
How Much Funding Has Smytten Raised?
- Seed Round
- Amount Raised: $200,000
- Date: November 2015
- Lead Investors: Rimpal Chawla
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the platform and develop initial product offerings.
- Seed Round
- Amount Raised: $1,300,000
- Date: April 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's capabilities and increase user acquisition.
- Series A
- Amount Raised: $1,500,000
- Date: October 2019
- Lead Investors: Roots Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's technology.
- Series A
- Amount Raised: $6,000,000
- Date: August 2021
- Lead Investors: Fireside Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support significant growth in technology and infrastructure, and expand product categories.
- Series B
- Amount Raised: $13,300,000
- Date: May 2022
- Lead Investors: Fireside Ventures, Roots Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology, create servicing infrastructure, and expand trial touchpoints.
Total Amount Raised: $22,300,000. Current Valuation: Not publicly disclosed.
Key Investors
- Fireside Ventures
- Details: Fireside Ventures is a venture capital firm that focuses on investing in consumer brands. They have been a consistent investor in Smytten, leading multiple funding rounds including the Series B.
- Investment Focus Areas: Consumer brands, technological innovations, data-driven experiential solutions.
- Notable Investments: Smytten, Melorra.
- Roots Ventures
- Details: Roots Ventures is a venture capital firm that has participated in every round of Smytten's fundraising. They are confident in Smytten's growth and profitability.
- Investment Focus Areas: Consumer-tech space, high-growth potential companies.
- Notable Investments: Smytten.
- Sattva Group
- Details: Sattva Group is a family office that has invested in Smytten's Series B funding round. They are known for their diversified investments across various sectors.
- Investment Focus Areas: Real estate, education, technology.
- Notable Investments: Smytten.
- Sharrp Ventures
- Details: Sharrp Ventures is the family office of Harsh Mariwala, the chairman of Marico. They participated in Smytten's Series B funding round.
- Investment Focus Areas: Consumer goods, technology, healthcare.
- Notable Investments: Smytten.
- Waao Partners
- Details: Waao Partners is the family office of Pratul Shroff, founder and CEO of Einfochips. They invested in Smytten's Series B funding round.
- Investment Focus Areas: Technology, consumer goods, healthcare.
- Notable Investments: Smytten.
What's Next for Smytten?
Smytten stands at the cusp of significant growth opportunities, driven by the burgeoning D2C market and the increasing demand for tech-enabled product discovery. With plans to enhance their technology using AI and ML, expand their servicing infrastructure, and enter new international markets, the potential for growth is immense. The market for sampling and advertising alone is estimated to be around $10 billion, providing a substantial opportunity for Smytten to scale its operations and increase its brand partnerships.
Future fundraising seems promising, given the strong backing from investors like Fireside Ventures and Roots Ventures. These funds will likely support Smytten's ambitious plans to achieve a Rs 500 crore ARR by the end of FY23 and expand into Southeast Asia and the Middle East. However, challenges such as scaling technology, maintaining service quality, and navigating international markets could pose hurdles. Despite these challenges, Smytten's innovative approach and robust market potential position it well for continued success and future investment opportunities.
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