Micromax invests in price comparison platform Scandid
This is the third start-up Micromax has invested in, after digital fitness app HealthifyMe and Ixigo
Bengaluru: Indian smartphone-maker Micromax Informatics Ltd on Wednesday said it made a strategic investment in price-comparison platform Scandid run by WishPoint Inc., as a part of its strategy to build an integrated mobile ecosystem.
This is the third start-up Micromax has invested in, after digital fitness app HealthifyMe (Caeruz Ventures Pvt Ltd) and Ixigo (Le Travenues Technology Pvt. Ltd.), a mobile travel search firm, where it shares revenue on each transaction on these platforms.
Micromax is diversifying its business to include high-margin software and services businesses and creating new revenue streams through such investments, apart from the equity value of these investments.
“Today users do not want to switch between different apps for shopping, be it online or offline. We have a roadmap to provide integrated services and leverage the mobile as a platform to converge these services. We believe that Scandid has an edge with its offering in the mobile shopping scenario and we will be able to bring value to our customers," Micromax co-founder Rahul Sharma said in a statement.
Scandid compares prices across 10 million products from 200 online merchants including Flipkart, Snapdeal and Amazon and also provides information from local neighbourhood retailers. In the past year, Scandid, which is based out of Pune and Silicon Valley in the US, and is available on iOS, Android and the web, said it helped customers save more than ₹ 4 crore while shopping online.
“Scandid’s presence on all Micromax smartphones will provide a rich shopping experience to Micromax users out of the box. As m-commerce grows and mobile becomes the key platform to not just shop but also compare to get best deals, Micromax’s investment will help us reach the last mile customer and strengthen our position as the leading mobile shopping destination," said Sushil Choudhari, founder of Scandid.
Dhanya Ann Thoppil in Bengaluru contributed to this story
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