Ratan Tata invests in retail-tech start-up SnapBizz

New Delhi, Feb 15 (IANS) Retail technology start-up SnapBizz said on Monday it has raised funding from Ratan Tata, the chairman emeritus of Tata Sons.

“We are privileged to have Ratan Tata as an investor at SnapBizz. As one of the most respected names in corporate India, he brings a rich legacy of doing business with a human touch,” said a statement issued by the Bangalore-based company, quoting Founder and Chief Executive Officer Prem Kumar.

The statement did not disclose the amount invested by Ratan Tata.

In January 2016, SnapBizz had announced a Series A funding of $7.2 million led by Jungle Ventures, Taurus Value creation, Konly Venture and Blume Ventures.

“SnapBizz Cloudtech is working towards changing the face of small-scale retail sector in the country and empower kirana (mom-and-pop) stores not only to be competition-ready but to have a competitive edge by making them virtual super markets,” the statement said.

Founded in 2013, SnapBizz Cloudtech has developed a technology platform to connect all stakeholders of the fragmented retail ecosystem in the country, while adding value to individual stakeholders, to reverse marginalization of small and medium-sized businesses and drive digital inclusion in the large consumer goods industry.

SnapBizz currently works with over 1,000 kirana stores across Mumbai, Pune, Delhi, Hyderabad, Chennai and Bangalore and aims to expand its footprint across other tier I and II cities.

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