ShoppinPal a retail tech startup raised $1.07 million in its first equity round of funding. It was led by Steelhead Ventures and Plug & Play Tech Center.
The funds will be utilised to expand its team and to expand its market presence in India.
ShoppinPal was founded by Sriram Subramanian and Pulkit Singhal in 2011. It allows offline retailers to get into marketplaces and digital platforms. It integrates with the ERP system of retailers to simplify the process to get online for them. Currently ShoppinPal is generating 80% of its business from outside India.
It has supported various companies including Google, PayPal and Dropbox. Whereas, Steelhead ventures is a micro-VC fund focused on Series A and seed investments.
Sriram Subramanian, CEO of ShoppinPal said,
“This investment from Plug and Play Tech Center, Steelhead Ventures and other strategic investors is a great endorsement of the potential of the retail tech market in India. With our success in other markets like US, adequate funds and required guidance from our investor partners, we are confident of establishing ShoppinPal as a leading retail tech player in the country.”
Earlier ShoppinPal raised funding from Adam Pisoni, founder of ABIL Schools and co-founder of Yammer in 2008 which was later Microsoft acquired for $1.2 billion.
Alireza Masrour, Managing Partner, Plug and Play Tech Center, said,
“ShoppinPal’s innovative platform connects retailers and brands to the digital world and helps them further enhance sales. We see a huge potential for them in India and are confident that with our support they will replicate their overseas success in the country.”