ALSO READSingapore hits 21-month peak; Philippines slips as traders gear up for IPOs Shopmatic acquires Taiwan-based tech firm 5xRuby China's aircraft carrier passes south of Taiwan Singapore Tourism appoints Adrian Kong as Area Dir, S Asia Philippines, China to hold direct talks on sea row: Manila
Singapore-based e-commerce company Shopmatic on Wednesday announced raising of USD 5.7 million of Series AA funding led by ACP Pte Ltd, a technology focused Venture Capital firm, and SPRING SEEDS Capital Pte. Ltd, the investment subsidiary of SPRING Singapore.
The company also announced joining of Sameer Narula, Managing Partner, ACP as the Board of Directors of Shopmatic.
Shopmatic has made significant strides in the past year with the launch of Shopmatic Go, a mobile-centric product with more than 130,000 downloads since November and with the acquisition of Taiwan-based 5xRuby, a leading technology development house.
"We have witnessed tremendous growth in merchants leveraging our platform with monthly growth rates in excess of 40 percent. Our approach of simplicity with a wide value proposition to our customers has deepened our engagement with sellers and grown the category of online sellers," said CEO Shopmatic, Anurag Avula.
"We are excited about Shopmatic's vision of enabling mass adoption of e-commerce in emerging markets and proud to partner with them as investors. By using the deep data-sets generated on its platform, Shopmatic has the potential to enable SMEs and partners better target their services and products and to accelerate the adoption of e-commerce in these high growth markets," said Managing Partner ACP, Sameer Narula.
Shopmatic caters to a multitude of merchants, including brick-and-mortar retailers and those selling on online marketplaces. From building a website to listing it on an e-marketplace, promoting it on social channels, and providing useful customer insights, Shopmatic handles everything that merchants and individuals need to grow their business online.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)