Ratan Tata invests in retail tech start-up Snapbizz
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Bengaluru: SnapBizz Cloudtech Pvt. Ltd, which devises technology for grocery stores, said it raised an undisclosed amount of funding from Ratan Tata, chairman emeritus of Tata Sons Ltd.
The news was first reported by Economic Times.
SnapBizz had earlier raised $7.2 million in an investment round led by venture capital firms Jungle Ventures, Taurus Value Creation, Konly Venture and Blume Ventures in January.
The Bengaluru-based company, which started in 2013, had earlier received seed funding of $1.7 million from Qualcomm, Jungle Ventures, National Research Foundation of Singapore, Taurus Value Creation and Blume Ventures.
SnapBizz provides grocery stores an Android-based, cloud-connected business platform in the form of a tablet, barcode scanner, printer and a consumer-facing LED display, and the technology enables merchants to manage their billing, inventory and customer engagement.
SnapBizz is one of a small but growing number of start-ups like IPay Tech India Pvt. and StoreKing that aim to help small businesses like grocery stores to bridge the digital gap by targeting specific uses like payments or enabling e-commerce.
“We are privileged to have Mr. Tata as an investor at SnapBizz. As one of the most respected names in corporate India, Mr. Tata brings a rich legacy of doing business with a human touch,” said Prem Kumar, chief executive officer, Snapbizz, in a statement.