Retail tech start-up ShopConnect raises USD 1.5 million from VK Mathews, Founder of IBS Software
- With this investment, ShopConnect aims to deepen its product and technology offering, fast track go-to market, grow customer base, accelerate its leadership hiring, and further their mission to become a key player in the connected e-commerce space.
- ShopConnect aims to increase its customer base by adding 2500+ premium brands in Fashion & Accessories, Footwear, Jewellery, Furniture, and Electronics across the globe in the next three years.
India, 15th December 2021: ShopConnect, a next-generation interactive e-commerce and video collaboration platform, has raised USD 1.5 million in pre series round funding from IBS Technology & Consulting Services, the holding company of Mr VK Mathews, the Founder and Executive Chairman of IBS Software. The company intends to use the funds to expand its business in India, US & EMEA markets, accelerate its product and technology innovation and invest further in R&D initiatives to constantly improve its IP assets portfolio.
Founded by Dilli Babu Nandarapu, ShopConnect enables brands and retail merchants of all sizes to build next-generation online stores to give a highly immersive and collaborative user experience with features such as live video shopping and hyper-personalisation to increase buyer engagement and future-proof their businesses. ShopConnect, an industry and geography agnostic platform, gives brands and retailers the ability to connect, engage, interact and grow customers through AI-based product promotions for increased sales and customer delight.
“We will use the investment to enhance our core capabilities to grow our customer base. We will advance R&D to introduce exciting new solutions within the rapidly growing retail tech industry and expand our operations in the domestic and international markets. It is a highly competitive market place and our focus will be to empower our customers, enabling brands and retailers to emerge stronger in this era of ever-evolving consumer behaviour driven by personalisation. We aim to onboard 2500+ premium brands in fashion & accessories, footwear, jewellery, furniture, and electronics across India and other geographies in the next three years’’, said Dilli Babu Nandarapu, Founder and CEO of ShopConnect.
“The next big trend that we observe in the retail space is video enabled commerce that has a lot of potential to attract next generation consumers. It is indeed an exciting space for ShopConnect to be in as the market is expected to reach $4–5 billion by 2025 in India”, he further added.
“With all the disruptive innovations taking place in the retail commerce, I see significant potential for ShopConnect, which promotes interactive and collaborative retail engagement, by combining the best of online and in-person shopping experiences. This is the USP and the true potential of the platform. I have full confidence in the leadership team of ShopConnect to evolve itself as a pioneering force in the online shopping space, said VK Mathews, Founder & Executive Chairman of IBS Software.
Some of the notable customers of ShopConnect include premium fashion and retail brands such as Titan industries (US), Highline United (US), Designer Ridhi Mehra, Kavitha Gutta, Style, Neena Patial, among others.
The ShopConnect platform offers a highly interactive and immersive customer experience and hyper-personalisation, developed using advanced technologies, including in-house developed Web RTC based video call infrastructure, AR/VR based virtual try-on and virtual tours, 3D and 360 degree views AI-powered promotions and recommendation engine, omni channel support to allow seamless integration of offline and online shopping experience, agile marketing strategies of customer products, dark stores where retailers/brands will be able to sell their products anytime anywhere.
Headquartered in Bangalore, ShopConnect empowers online stores of brands and retailers of fashion & accessories, footwear, jewellery, furniture, and electronics goods.
ShopConnect, a next-generation interactive e-commerce and video collaboration platform that enables brands and retail merchants of all sizes to build next-generation online stores to give a highly immersive and collaborative user experience. It has live video shopping and hyper-personalisation features that would increase buyers’ engagement and amplify their consumption behaviour. ShopConnect is an industry and geography agnostic platform that gives brands and retailers the ability to connect, engage, interact, and grow customers through AI-based product promotions for increased sales, customer delight and loyalty. Headquartered in Bangalore and the US, ShopConnect has empowered online stores of brands and retailers from the Fashion & Accessories, Footwear, Jewellery, Furniture, and Electronics industries in India and the US. ShopConnect acts as a technology partner that empowers businesses to explore new markets, scale, and succeed.
For more details, visit https://www.shopconnect.live/
About VK Mathews
VK Mathews is the Founder and Executive Chairman of IBS Software, a leading vertical SaaS company for the aviation and travel industries. The company offers technology solutions that support the mission critical operations of travel, transportation and logistics companies world-wide. IBS Software, a Blackstone investee company, is one of the highly valued unicorns (Credit Suisse 2021 report).
Mr Mathews has over 40 years of experience in the IT and the travel industry. He holds a Masters degree in Aeronautical Engineering from IIT, Kanpur and had executive management education from Harvard Business School, Boston.