Shopflo raises $2.6 mn in Seed funding

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Shopflo raises $2.6 mn in Seed funding
11 May 2022
6 min read
TWN In-Focus

News Synopsis

On Tuesday, a SaaS startup, Shopflo informed that in its Seed funding round, it has raised $2.6 million. This fundraising round was led by Tiger Global and TQ Ventures. The funding round also witnessed the participation of Better Capital and a group of other angel investors. Shopflo was founded by Priy Ranjan, Ankit Bansal, and Ishan Rakshit in the year 2021. The startup offers a platform that enables D2C brands to enhance their checkout experience at their own websites and boost their conversion rates.

The company said that in the current scenario D2C businesses experience a 70 percent customer drop-off between add-to-cart and purchase steps. This is the last step of the purchase and losing out on customers at the ultimate step hurt the merchants most. To resolve this issue, the startup provides a seamless and efficient load experience to the consumers, which assists in enhancing the conversion rates while shopping.

After the successful round of funding, Priy Ranjan, CEO, and Co-Founder, Shopflo 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.”

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