Mumbai: Shopyourworld.com, a shopping portal showcasing products and promotional offers from the US and UK market, has announced its series ‘A’ investment.
The undisclosed funding was raised from the Singapore Governments’ National Research Foundation, a department directly operated by the Prime Minister’s office along with two leading Asia focused venture capital firms, iGlobe Partners and WaveMaker Labs. The company is expecting to raise a second round of funding of $15-20 million in the next six months.
With the series “A” funding, they are addressing the grievances of few customers whose orders were not delivered in time due to international shipping and logistical issues. The funds are primarily being utilised for executing ShopYourWorld.com expansion plan of building further operational and procurement capabilities, raising brand awareness, enhancing technology along with service levels and customer care quality.
The company which is based in Singapore with wholly owned subsidiaries in the US, UK and India, is primarily focused on importing products and brands from the US and UK and delivering them to its customers in India. It offers a range of over one million products from leading global markets. ShopYourWorld.com gives access to exclusive international products otherwise unavailable to the Indian consumer, enabling the customer to choose from a wide range of products and brands from developed markets.
The company has uniquely constructed specific algorithms to calculate product pricing, inclusive of shipping costs, exchange rates, customs duty and taxes in real time. All prices seen on the website are final, delivered to the customer’s door. Additionally the website utilises a three-tier server architecture enabling it to host a vast number of products at any given time.
The e-commerce market in India is expected to grow by 33 per cent to reach Rs 62,967 crore by the end of 2013 as per the Internet and Mobile Association of India (IAMAI) and IMRB International report. The e-commerce market was valued at Rs 47,349 crore in December 2012.