Mumbai based product discovery platform Appie, which helps consumers discover product and price from different offline retailers, has raised around $1 million in a bridge round of funding.
In this funding round, three angel investors participated, whose names have not yet been disclosed. While the company has revealed the names, it has revealed that out of those three investors, one is from Mumbai and two are from Europe.
The proceeds of this funding round will be used for the launch of the product, to create adequate traction in terms of business and strategic alliances and to build up a consumer base for seamless implementation of the business model.
Kartik Sanghavi, founder of Appie Mobiquity said,
We at Appie are building a fairly evolved business model after taking into consideration the collective knowledge of our experienced team members as well as studying and understanding the nuances of consumer behaviour and how they love to shop. The recent capital infusion will enable us to launch and develop our brand and its other multi-dimensional aspects. It will also give us the bandwidth to reach out to our consumers more effectively. We are also actively discussing several strategic tie ups.
It was founded in September 2014 by by Kartik Sanghavi. It is now planning to have more than 10,000 retailers on the platform across Mumbai, Bangalore, and Delhi in the first year and close to half a million users.
It aims to combine the benefits of online discovery and offline shopping and looks forward to expanding its retailer base to other cities to serve this end. It also aims to leverage technology to connect almost 15 Million retailers in India to the growing tribe of smartphone users who discover products online and yet shop offline.