Shopflo raises seed funding of $2.6 mn from Tiger Global and TQ Ventures

First time that Tiger Global has invested in a startup at pre-product stage

Shopflo, a SaaS platform easing checkout experience for D2C brands, has raised $2.6 million in its seed funding from Tiger Global and TQ Ventures. Better Capital and a pool of other angel investors also participated in the round. This funding from Tiger Global makes a first of its kind for the investment firm for a start-up at a pre-product stage.

D2C merchants see a 70% customer drop off between add to cart and purchase steps. This is the absolute last step of purchase and losing out on customers here hurt the merchants most.

Priy Ranjan, CEO & Co-founder, Shopflo said, “Most of these D2C merchants build their websites using no-code tools which are great for smaller merchants. We are starting as a checkout SaaS platform for D2C brands with a goal of creating a delightful and zero mental load checkout experience. We envision Shopflo to be the checkout layer in the global headless commerce stack. We are privileged to have Tiger Global, TQ Ventures and Better Capital join us as we plan to bring the D2C checkout experience closer to Swiggy and Amazon.”

Priy and Ishan were at Elevation Capital interacting with D2C and Fintech companies respectively, while Ankit worked on a “Shopify for Restaurants” product at communications SaaS unicorn Gupshup.

"A seamless checkout experience has become a baseline expectation for consumers. However, checkout for e-commerce merchants hasn’t changed much in the last decade. Shopflo will change this,” said John Curtius, Partner at Tiger Global.

“Shopflo is well-positioned to be the default checkout for the fast-growing Indian D2C market. We are excited to be their first backers along this journey.”

Schuster Tanger, Co-Managing Partner, TQ Ventures said, “Indian e-commerce is a megatrend. The checkout piece sits at the bottom-most part of the funnel with the highest intent customers. The Shopflo team impressed us with their depth of understanding of both D2C and payments SaaS. They are well positioned to build the preeminent Indian company in this space, and we look forward to supporting them on their journey.”

“Checkout has remained the most under innovated part of e-commerce for a long time. We are changing that with Shopflo which is an innovative Checkout SaaS to reimagine the buyer experience from the checkout page onwards weaving together payment, tracking, returns, and more like never before”, said Vaibhav Domkundwar, CEO of Better Capital.