India has the third-largest SaaS ecosystem globally.
The Indian software-as-a-service (SaaS) ecosystem is expected to scale to a $50-70
billion revenue opportunity by 2030.
SaaS has emerged to be one of the biggest disruptors in the global technology industry
over the last two decades.
Within the SaaS space, many Indian companies are now distinguishing themselves.
One such startup is Shopflo.
Founded in by Priy Ranjan, Ankit Bansal and Ishan Rakshit, Shopflo
provides a platform which allows direct-to-consumer (D2C) brands to improve their checkout experience at their own websites and improve conversion rates.
What are the pain points that they are targeting?
(1) There is ~70% drop off at checkout for most independent e-commerce retailer (outside of large marketplaces)
(2) E-commerce cart platforms allow minimal flexibility on checkout, with their experience still same as the last decade
Shopflo aims to be the global default for checkout experiences.
Recently, the startup raised $2.6 million in seed funding from Tiger Global and TQ Ventures. Thereby making it one of the only Indian startups to receive seed funds from Tiger Global at a pre-product stage.
The round also saw participation from Better capital and a few angel investors.
In a recent press release, John Curtius, Partner at Tiger Global, said, “A seamless checkout experience has become a baseline expectation for consumers. However, checkout for ecommerce merchants hasn’t changed much in the last decade. Shopflo will change this. It is well-positioned to be the default checkout for the fast-growing Indian D2C market. We are excited to be their first backers along this journey.”
Co-Managing Partner, TQ Ventures, Schuster Tanger said, “Indian ecommerce is a megatrend. The checkout piece sits at the bottom-most part of the funnel with the highest intent customers.
The Shopflo team impressed us with their depth of understanding of both D2C and payments SaaS. They are well positioned to build the preeminent Indian company in this space, and we look forward to supporting them on their journey.”
The startup, at present, has partnered with six merchants including D2C firms and a rollup commerce brand.
Upon raising the investment, Priy said,
“We at Shopflo are targeting the merchants in the middle. We are starting as a checkout SaaS platform for D2C brands with a goal of creating a delightful and zero mental load checkout experience. We envision Shopflo to be the checkout layer in the global headless commerce stack. We are privileged to have Tiger Global, TQ Ventures, and Better Capital join us as we plan to bring the D2C checkout experience closer to Swiggy and Amazon.”
We can’t wait to see what more shopflo has to offer.
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