PriceBaba, a shopping intelligence startup, has secured seed investment from a group of five investors. The amount of funding is undisclosed. Launched in May 2012, PriceBaba.com is a location based search engine, helping the real world shoppers to search prices in their vicinity.
A recent Google India survey pointed that 70% of offline shoppers do their product research online before visiting a store. PriceBaba exists in this space to help shoppers research prices and trusted stores to shop at (read their complete story here)
The investment is led by Pune based angel investor and entrepreneur Karamveer Singh. Other investors include Dinesh Tejwani of Fast Fact Computer Systems (acquired by Thomson Reuters), Aditya Mishra (Founder & CEO, SwitchMe.in), Ashutosh Rathi (Basil Partners) and Ranjeet Walunj of The Service Solutions. “I am a strong believer of ‘research online & buy offline’ model in India. PriceBaba is right into it. Am excited to be a part of it,” said Karamveer Singh.
“We love the fact that all our investors are entrepreneurs and the support we receive in every aspect of our business is invaluable. Karamveer is simply the best we could have asked for product and marketing advice, while Tejwaniji is a veteran entrepreneur who brings an ocean of experience when working with retail partners.” said Annkur P Agarwal, co-founder and C2C, PriceBaba. The funds will be used to strengthen the team and further develop the product.
PriceBaba currently offers its services in Mumbai, Pune & Delhi NCR with over 350 verified mobile phone retailers live on the platform. “Each of these 350 stores have gone through a 2 step evaluation process including a personal visit by a verification team,” informs Annkur. The service aims to reach 10 cities in 2013.
The space has seen more activity in recent times with newer players like PricePaaji (not in mobile) entering and users are showing increasing adoption. As the line between the offline and online world thins, there is a lot more innovation that can be expected to help a consumer research better (and more) before buying.