Shopflo, a SaaS platform, announced today that it has raised $2.6 million in its Seed funding from Tiger Global and TQ Ventures. Better Capital and a pool of other angel investors also participated in the round.
This funding from Tiger Global makes a first of its kind for the investment firm for a startup at a pre-product stage, it said in a press statement.
Founded in 2021 by Priy Ranjan, Ankit Bansal and Ishan Rakshit, Shopflo provides a platform which allows direct-to-consumer (D2C) brands to improve their checkout experience at their own websites and improve conversion rates.
70% drop-off between add-to-card, purchase steps
D2C merchants see a 70 percent customer drop-off between add-to-cart and purchase steps. This is the absolute last step of purchase and losing out on customers here hurt the merchants most. Shopflo offers a seamless and minimum cognitive load experience to the consumers, which helps in improving conversion rates while shopping, it said.
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.”
Shopflo’s focus is to empower D2C brands to provide experience to their customers, enabling merchants to maximise long term value from visitors with their website. They are out of beta and Live with select merchants.
The founders of Shopflo-- Priy Ranjan and Ishan Rakshit were at Elevation Capital interacting with D2C and fintech companies respectively, while Ankit Bansal worked on a “Shopify for Restaurants” product at communications SaaS unicorn Gupshup.
"A seamless checkout experience has become a baseline expectation for consumers. However, checkout for e-commerce merchants hasn’t changed much in the last decade. Shopflo will change this,” said John Curtius, Partner at Tiger Global.
Schuster Tanger, Co-Managing Partner, TQ Ventures said, "Indian e-commerce is a mega trend. The checkout piece sits at the bottom-most part of the funnel with the highest intent customers. The Shopflo team impressed us with their depth of understanding of both D2C and payments SaaS."
“Checkout has remained the most under-innovated part of e-commerce for a long time. We are changing that with Shopflo which is an innovative Checkout SaaS to reimagine the buyer experience from the checkout page onwards weaving together payment, tracking, returns, and more like never before”, said Vaibhav Domkundwar, CEO of Better Capital.