Shopmatic Raises $5.7 Million Series A Funding To Expand Into Overseas Market

Shopmatic, an e-commerce enabler, has announced that it has raised about $5.7 million in Series A funding round, led by tech-focused VC firm ACP Pte Ltd. The round also saw participation from Singapore-based fund Spring Seeds Capital Pte Ltd.

As a part of the funding round, Sameer Narula, Managing Partner of ACP, will be joining Shopmatic’s board.

The startup, which was founded in December 2014 by Yen Ti Lim, Anurag Avula and Kris Chen, provides sellers with the entire ecosystem of selling online, for their customers.

It enables small and medium businesses as well as individual sellers to trade their products online by creating a digital store, providing payment gateway and logistics solutions among others.

This is the second funding round for the company. In 2015, the company had raised $1.5 million in its seed funding round from undisclosed investors.

Headquartered in Singapore, Shopmatic has its offices in Bengaluru and Gurgaon as well as in Hong Kong. With this Series A funding, it further plans to expand to South Asian countries such as the Philippines and Indonesia among others, apart from the Middle East.

While Shopmatic started its operations in India in October 2015, the company launched a mobile app named ‘Go’ for the Indian seller in November 2016.

The company says that it has a user base of about 75,000 merchants, and claims that it adds about 700-800 merchants every day.

In India, Shopmatic competes with Shopify, as well as the likes of Zepo, Martjack, Buildabazaar and Kartrocket.