Shopflo, which aims to ease checkout experience for direct to consumer (D2C) brands, announced today that it has raised $2.6 million (Rs 20 crore) in its seed funding from Tiger Global, TQ Ventures, Better Capital and a pool of angel investors.
With this round, Tiger Global has made its first seed investment as the global venture fund is commonly known for taking part in later stage rounds.
Founded in 2021 by Priy Ranjan, Ankit Bansal and Ishan Rakshit, Shopflo is building a SaaS (software as a service) platform.
Ranjan said, “Most of these D2C merchants build their websites using no-code tools which are great for smaller merchants. The next best platforms are only suitable for large enterprises with in-house tech teams. We at Shopflo are targeting merchants in the middle.”
Earlier, Ranjan and Rakshit were working with Elevation Capital interacting with D2C and fintech companies respectively, while Bansal worked on a “Shopify for restaurants” product at communications SaaS unicorn Gupshup.
This funding from Tiger Global is a first for the investment firm at a pre-product stage.
"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.
“Shopflo is well-positioned to be the default checkout for the fast-growing Indian D2C market. We are excited to be their first backers along this journey,” added Curtius.
Vaibhav Domkundwar, CEO of Better Capital, an early backer of breakout SaaS companies like Open, Khatabook, and Teachmint, said: “Checkout has remained the most under-innovated part of e-commerce for a long time.”