<article>Singapore-based e-commerce platform <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=shopmatic" target="_blank">Shopmatic</a>, which counts India as its biggest market, is in the process of raising fresh venture capital funding.</article>

Singapore-based e-commerce platform <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=shopmatic" target="_blank">Shopmatic</a>, which counts India as its biggest market, is in the process of raising fresh venture capital funding.
The firm is looking to raise a Series A round, which might be in the range of $8 million to $10 million, DEALSTREETASIA has learned. It is currently in advanced talks with investors in Southeast Asia.
Thousands of offline businesses in smaller towns of India are wary of online selling — although many have joined the bandwagon through marketplaces like <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Flipkart" target="_blank">Flipkart</a> and <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Snapdeal" target="_blank">Snapdeal</a> — and are apprehensive about the costs involved. Shopmatic helps these businesses and entrepreneurs to sell online.
The startup helps the businesses with developing their own web stores — complete with a user-friendly interface — and listing them on marketplace and social channels. It also advises them on the ways to get a better sales response online for a monthly fee of $20. Shopmatic does not charge any additional fees per sale made by the customer.
The website competes  with players like <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Shopo" target="_blank">Shopo</a> and <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=shopify" target="_blank">Shopify</a> in India.
&#8220;We are looking for funding because we are bringing forward plans to launch in 3-4 markets in Southeast Asia,&#8221; said Anurag Avula, CEO &amp; co-founder, Shopmatic, confirming the fundraising process in a phone conversation. The initial plan was to launch in more markets by the first quarter of 2017.
Funding for startups this year seems to have slowed compared to last year, but startups with good teams and sustainable business models are not finding it a problem to get funded. &#8220;The diligence of investors we have met has become stronger now. But that is not a problem for our business,&#8221; Avula said.
The company rolled out its SaaS (software as a service) platform in India last year, its first market, followed by Singapore. It launched in Hong Kong last week.
&#8220;Apart from products, people are also selling services on the platform, such as math tuition and yoga training,&#8221; Avula said, referring to the Indian market.
It has about 10,000 customers in India.
The company was founded in 2014 and it had raised initial funding from individual investors. It is looking to close the new round by the fourth quarter of this year.
Also read:
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/startup-india-modis-promises-make-startups-hopeful-of-a-good-2016-27514/">Startup India: Modi’s promises make startups cautiously optimistic of a good 2016</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/interview-edited-we-are-making-it-extremely-affordable-for-small-businesses-to-go-online-shopmatics-anurag-avula-18851/">We are making it extremely affordable for small businesses to go online: Shopmatic</a>

Singapore-based e-commerce platform Shopmatic, which counts India as its biggest market, is in the process of raising fresh funding.

E-commerce platform Shopmatic in advanced talks to raise upto $10m funding

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

E-commerce platform Shopmatic in advanced talks to raise upto $10m funding

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief