m.Paani Funding: Raises 5.5 million Dollars
m.Paani raises million Dollars in Series A Funding round
A Google launchpad company- m.Paani working towards digitizing and empowering local retailers raises 5.5 million dollars in Series A funding round led by a host of investors including AC Ventures, Kevin Aluwi, the co-founder of Gojek, Henkel, Candy Ventures, Ryu Suliawan, head of Merchants at Gojek, and Suvir Varma, board member at Bain & Company.
“m.Paani is bridging the technology gap to ensure that our local retailers not just survive but thrive in India 2.0. The future of Indian retail is, and must be, local,” said Akanksha Hazari-Ericson, who started the firm, also a Google Launchpad.
Founder of StartupLanes, Shishir Gupta says: there are around 12 million kirana store in India and around 90% of them are unorganized. They don’t have access for sale outside their periphery. m.Paani is helping them to digitize and also working towards connecting them with outer world. It will help them to gain more consumers which directly help them in increasing their profit. Also they will have an image in the market which was unrecognised earlier. Congratulations to the team for 5.5 million Dollars. You have really good potential to upgrade the Indian market system.
Mumbai based m.Paani, started five years ago working towards digitizing and empowering local retailers to power the largest retail network in the world. It also aims to deliver the neighborhood shopping experience of the future. It focuses on empowering local business owners. They work to make their customer’s lives empowering and serving them by solving their key problems. It also enables local shops to get digitize, access business data, and insights, and manage their business operations effectively. Currently, it has 50,000 retailers and 7 million consumers on its platform.
As of June 2019, there are 60 lakhs genuinely registered retailers, shopkeepers, retail shop owners. The retail space is generally dominated by Kirana stores. 350-400 million retailers are likely to digitalize by 2020. Unrecognized from large time Indian local shopkeepers are going under transformation. This will also help consumers with a variety of products with the best offers. Digitalization will help shopkeepers to cover every nook and corner of the country and gain more revenue.