Smytten-largest tech-enabled product discovery and trial platform which is revolutionizing the pre-purchase experience for millions of online consumers, has raised Rs 100 crore in pre-Series B led by Fireside Ventures and Roots Ventures.
The round also saw participation from Sharrp Ventures (Harsh Mariwala family office), Waao Partners (Pratul Shroff Family Office), Survam Partners (Munjal Family Office) and Sattva Group Family Office.
What will new investment be used for?
The new investment will primarily be used for building many industry-first tech and data solutions with advanced applications of AI & ML to optimize the marketing funnel for D2C brands starting from new product development to consumer acquisition and retention.
Also, the platform is going to invest heavily in creating a best-in-class servicing infrastructure across the country, to widen the product trial touch points and strengthen the online service delivery to better the pre-purchase buying experience for consumers at scale.
On hiring spree
Smytten is planning to double down on its hiring across supply chain, marketing and other key functions. Smytten today employs more than 300 people with a very vibrant culture and strong focus on talent retention. It is scaling up its leadership team to fuel the next phase of growth across its offices in Bengaluru and Ahmedabad.
Direct-to-home product trials
On the fundraise Siddhartha Nangia, Co-founder, of Smytten said, “We believe sampling-led tried-and-tested method of customer engagement will change the way D2C brands and consumers interact, making it more immersive and experience-based. We are launching a new brand a day on our platform and bringing more than 15-20 new products every day to consumers to try.”
Swagat Sarangi, Co-Founder at Smytten added, “Our mission is to democratize access and experience of premium and D2C brands for the Indian consumers by offering direct-to-home product trials. We are building a robust tech platform to make the pre-purchase journey and decision-making process of consumers very seamless by bringing in the power of trial experiences, data, content and community all together.”
Kannan Sitaram, Partner at Fireside Ventures said, “We continue to believe in the development of an enabling ecosystem for the consumer brand revolution that's shaping up in India and Smytten is right at the forefront of it. Their integrated approach to consumer funnel and technological innovations to solve the key challenges faced by many D2C brands, makes them the unequivocal leader in a potentially $10B sampling and advertising market.”
Japan Vyas, Managing Partner, Roots Ventures said, “Smytten has grown more than 12X by revenue since the time we invested. We have participated in every round of fund raise they had and will continue to back them in future with even stronger conviction. We are very confident that Smytten is going to be a very large, profitable and fundamentally strong business in the consumer-tech space globally.”
To date, Smytten has raised more than $20 million in institutional funding.