Prime Venture leads $4.7 million funding round in Perpule
Retail technology startup Perpule plans to use the funding from Prime Venture Partners and existing investors Kalaari Capital and Venture Highway to expand its services to thousands of retail outlets across 10 cities in 2019
Bengaluru: Retail technology startup Perpule raised $4.7 million in a Series A funding round led by Prime Venture Partners. Existing investors Kalaari Capital and Venture Highway also participated in the round. Perpule provides self-checkout and self-ordering solutions that give consumers more convenience while shopping at offline grocery stores and supermarkets, restaurants and office cafeterias.
Perpule’s goal is to improve customer experience, reduce queues at checkout counters and make stores smarter by giving retailers real-time data and analysis.
Customers can use the Perpule app to discover items, scan barcodes of products, access all offers and other pricing information, and check out and pay for their purchases on the app itself.
The company was founded in October 2016 by Abhinav Pathak, Saketh B.S.V. and Yogesh Ghaturle. It had previously raised $650,000 in seed funding from Kstart, Kalaari Capital’s seed fund, Venture Highway and TaxiForSure founder Raghunandan G. in 2017.
With the new funds, the company plans to expand its solutions to thousands of retail outlets across 10 cities in the next year.
Perpule currently works mostly in Bengaluru and Hyderabad, and across several retail store brands like Big Bazaar, Vishal Mega Mart, Spar, More and Hypercity.
“We met the company over a year ago and were really fascinated by the team and the problem they are solving, a problem that all of us can relate to. During the discussions, there were always questions around whether Indians will use it; whether large retailers will start accepting a small startup coming and working with them. And they’ve made some fabulous progress over the last 12-15 months,” said Sanjay Swamy, managing partner of Prime Venture Partners.
Today, more than 500,000 consumers are using Perpule, according to the startup.
The company has also partnered with Hypercity to open a cashier-less and till-less store.
It recently launched a digital cafeteria solution for quick-service restaurants and office cafeterias.
That solution allows consumers to place orders, pay, and collect their orders at their convenience rather than stand in queues to do so.
“Omnichannel retail and consumer commerce will redefine the shopping experience for customers. We believe that using the right technology and the power of mobile, we can better such experiences and build solutions which work seamlessly across all platforms,” said Perpule chief executive officer and co-founder Pathak.
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