Perpule Raises USD 4.7 million in Series A to Fuel Omni-Channel Retail and Consumer Commerce in India
Perpule, the Omni-channel retail tech company and India’s first self-checkout enabler, has raised USD 4.7 million in Series A funding from Prime Venture Partners, Kalaari Capital, and Venture Highway. The startup has more than 500,000 consumers using its self-checkout and Omni-channel solutions across several of India’s top retail brands. Perpule intends to use the funds for significant expansion into thousands of retail outlets across 10 cities in the next year. The company is working with leading retailers like Big Bazaar, Vishal Mega Mart, SPAR, MORE, HyperCITY, etc. and Quick Service Restaurants (QSRs) such as KFC.
The Indian retail industry is considered one of the most dynamic in the world and is the world’s fifth-largest global destination in the retail space. According to an IBEF report, retail market in India is projected to grow from USD 672 billion in 2017 to USD 1.1 trillion in 2020.
In a bid to serve one of the largest consumption markets in the world, prominent brands in India are moving towards Omni-channel retailing; a fully-integrated approach to shopping to provide consumers a unified experience across online and offline platforms. Reports also indicate that the size of modern retail is expected to witness a substantial rise, from the current 19% to 24% in the next three years in the top six retail markets of the country, driven largely by Omni-channel retailing.
Perpule gives the control of offline commerce in the hands of customers by enabling self-checkouts and self-ordering solutions for offline stores, food outlets, malls, and cafeterias. This improves the experience of customers, reduces queues at checkouts, and makes stores smarter. Customers use it to discover items, scan barcodes, get all the offer and pricing information for the products, and can also checkout and pay in the app itself. Shoppers find it more convenient to self-checkout with the easy-to-use Perpule app, available on Android and iOS. The Company has also partnered with HyperCITY to bring India’s first “cashier-less, cash-till less” store.
Abhinav Pathak, CEO and cofounder, Perpule, said, “This is a great milestone for us and we are delighted to partner with Prime and continue our relationship with Kalaari and Venture Highway. Omni-channel retail and consumer commerce will redefine the shopping experience for customers. We believe that using the right technology and the power of mobile, we can better such experiences and build solutions that work seamlessly across all platforms. We have seen immense interest and excitement around Perpule from customers and retail brands, and our goal is to make their experience even better.”
The company recently launched the Perpule Digital Cafeteria Solution for QSRs, which include cafeterias and food courts in corporate tech parks and malls. The initiative gives its users the power and convenience of self-order and collect, ensuring a hassle-free and queue-less experience while eating. This solution also empowers the food vendors to increase their operational efficiency and overall business. The solution is currently being used by more than 20 companies across India.
Sanjay Swamy, Managing Partner, Prime Venture Partners said, “Retail shopping is the next playground for disruptive innovation and is being transformed around the world, as (millennial) consumers demand a friction-free experience. Perpule has quickly established itself as the leader in India – as evinced by the top brands that are already partnering them, and innovations such as the cashier-less stores that they have helped bring to market. We’re excited to collaborate with the young and dynamic team of Abhinav, Saketh, and Yogesh, as well as Kalaari and Venture Highway in charting the next phase of growth of Perpule.”
Perpule is focussed on building solutions for Omni-channel retail, which will enable the transformation of the Indian retail industry. The focus of the company will be to launch products that will enable brands to provide seamless customer experience, both online and offline. The retail-tech startup was founded in October 2016 by Abhinav Pathak, Saketh BSV, and Yogesh Ghaturle. The company had previously raised a seed round of USD 650,000 from Kstart, the seed fund of the Kalaari Capital, Venture Highway, and Raghunandan G in 2017. The Perpule app is currently available in English on Google Playstore and Appstore.