Delhi-based PriceMap, a mobile app which helps consumers compare the price of products online with offline stores, is close to raising around Rs four crore (almost $600,000) in seed funding from group of investors, Suresh Kabra, co-founder of the startup, told DEALSTREETASIA.
We are in advanced talks with a mix of investors including angel investors as well as institutional investors who provide seed funding to the startups, Kabra said, while adding that the fundraising was expected to close in next 6-8 weeks.
KS Raghunandan, former MD of services in CISCO Systems, is also participating in the round.
Talking about his interest in startup, Raghunandan said: “I think, it is a good concept in O2O space which I believe holds lots of promise. This seems to be a potential model,” he added.
Radhunandan had over 25 years of experience and before CISCO, and he had also worked with IBM for more than two decades at various positions. Prior to that, he was associated with engineering and construction major Larsen & Toubro.
Founded in September 2015, PriceMap is run by Suresh Kabra, Shishir Dubey and Basabjit Dey.
PriceMap plans to use the funding for bringing about 20,000 retailers on board and also for expanding into three cities across 47 categories. Currently it is operational in Delhi only, and it is doing a survey to decide its launch into other cities like Jaipur, Chandigarh and later in Mumbai.
The startup has a team of 10 members including its co-founders. PriceMap has more than 1,000 registered sellers across six categories since its launch and claims to have 10,000 downloads for both PriceMap Buyer and PriceMap Seller app.
PriceMap is targeting online demand generation and offers a solution which brings the convenience of online shopping to brick and mortar stores. It generates footfalls in the physical store from buyers who would typically buy online.
The startups claims to be the first of its kind of startups in India but there are several other startups which compares products’ price with other online websites. Some of these include PriceDekho, Junglee, Pricebaba, CompareRaja and others.