Shopalyst Technologies Pvt. Ltd, which provides a platform to create digital storefronts on websites and apps, has raised $2 million in a Series A funding round from Kalaari Capital.
This Bengaluru-based startup is looking to bring the “buy now” button on websites and mobile applications. Shopalyst, a 16-month-old startup founded by four veterans from Infosys and currently in beta testing phase.
The startup is being mentored by Infosys cofounder Nandan Nilekani, and has former Helion Venture Partners’ Kanwaljit Singh and former Infosys global sales head Basab Pradhan as angel investors. By using its app Shortlyst, publishers and developers can easily add buy buttons to images, videos, posts, chats, lists, news and others. Customer don’t need to go to the etailers website to buy the product, but can buy through the publishers application.
At present, the company charges the merchants a commission for every transaction and pays the publishers—websites and app—for using the storefront powered by Shopalyst.
Shopalyst has tied up with over two dozen Indian ecommerce companies such as Flipkart, Amazon, Jabong and Snapdeal with over 10 million stock keeping units (SKU) in its database. It is banking on the increasing marketing spends by etailers, who India Infoline (IIFL) estimates will spend $7.5 billion on discounting by 2020.
(With inputs from Agencies)