E-commerce enabler Smytten has raised Rs 100 crore in its Series B funding round led by its existing investors Fireside Ventures and Roots Ventures. The funding round also saw participation from Sharrp Ventures, Waao Partners, Survam Partners, and Sattva Group Family Office.
With this funding, the valuation of the company, while undisclosed, has doubled. The company ssaid it plans to use the fund to build its technology and data solutions with advanced applications of AI & ML to optimise the marketing funnel for D2C brands.
This is the third investment of an e-commerce enabler within a week of GoKwik raising $35 million and Shopflo raising its seed from Tiger Global and others, signalling the booming of this segment post-pandemic.
Founded by ex-Googler Swagat Sarangi, and ex-Unilever executive, Siddhartha Nangia in 2015, the platform largely focuses on direct-to-consumers (D2C) as well as premium brand sampling across fragrances, beauty, makeup, male grooming, food and beverages, baby and mother care along with health & wellness categories. It offers product samples to consumers across these categories and asks for real-time feedback from users post sampling. It targets consumers between 20 to 35 years who have disposable incomes and are willing to experiment with products they use.
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“Today we have more than 10 million users as our consumer base and have more than 900 Brand Partners who we work with. We are a female dominant platform with over 70% females and 30% male and have a stronger non-metro presence,” moneycontrol.com quoted co-founder Siddhartha Nangia as saying.
