Jungle, Blume in $7.2m round for India's SnapBizz

SnapBizz builds all-in-one electronic business platforms for small retailers. Its hardware comes with a tablet, barcode scanner, printer and consumer-facing LED display, plus an operating system based on Android and connected to the cloud. The company will use the new capital to expand into additional cities; currently it operates in five cities in India including its headquarters of Bangalore.

SnapBizz's target customers are corner grocery stores, called kiranas, where most people in India do their grocery shopping. It is one of several Indian start-ups that aim to bring small retailers, many of whom lack any online presence, into the digital ecosystem, so that they can establish a direct connection with brands and reach out to consumers.

Jungle, Taurus and Blume also participated in SnapBizz's seed round in 2014, joining Qualcomm and the National Research Foundation of Singapore to commit $1.7 million.

"We are convinced with the SnapBizz business model, which brings a tailored technology solution to kirana stores, and believe that it will play a large role in India's retail growth story," said David Gowdey, managing partner at Jungle, in a statement.

Jungle is currently raising its second venture capital fund, which has a target size of $100 million. Backers include the International Finance Corporation (IFC), which will invest up to $10 million.

Blume is also in the middle of fundraising, having reached a first close of $30 million on its second India-focused early-stage fund in December. The target for the vehicle is $60 million. Investments by Blume in the last year include warehouse robotics developer GreyOrange and logistics start-up RoadRunnr.

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• Topics
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