NEW DELHI: The Ahmedabad-based software-as-a-service (SaaS) solutions company that operates Don’t Scratch Your Head (DSYH) has raised $250,000 funding from Mumbai-based seed investment platform Venture Catalysts (VCats).
The round was led by Gaurav Singhi of Venture Catalysts (Surat) and Zaffiro Ventures.
By the end of 2016, e-commerce industry is likely to touch $38 billion in India. It is projected to surge to $100 billion by 2020, with over 5 lakh sellers joining the bandwagon. Sellers selling on multiple platforms, such as Flipkart, Snapdeal and Amazon, get their payments only after the marketplaces have deducted charges as per policies.
Some of the major hassles faced by a seller while selling across multiple marketplaces are: reconciling accounts, payments, returned orders, promotional amounts, reimbursements, etc. DSYH, with its e-commerce seller ecosystem of ‘reconciliation’ across multiple marketplaces through a single window, removes these hassles. Solving the reconciliation pain point makes marketplaces more efficient, and helps sellers service Indian consumers better and faster.
DSYH CEO Suraj Vazirani, one of the first e-sellers in India, is also the president of the All India Online Vendors Association (AIOVA). Hari Vaag, DSYH Co-Founder & CTO, belonged to the core team of Travelguru.com, and has been the CTO at ManiacStore since 2012. Sumit Karanji, Co-Founder & COO, is a business management professional who have worked with Maruti Suzuki and Bajaj Allianz, and has founded two startups in automotive & healthcare sectors.
Speaking about the $250,000 raised, Vazirani says, “We will use the funds to upgrade our technological infrastructure and customer support team – both key to our business growth.
Praising Venture Catalysts (VCats), he adds, “Venture Catalysts has stood true to its name, acting as true catalysts in our journey right from the start. In India, where there are very few seed-stage venture platforms, VCats has been a great mentor – its quick evaluation process, and even quicker decision to invest in DSYH, giving Indian e-commerce a great boost.”
Sharing his experience of being a part of the four-month Scalerator Program at the Reliance-backed GenNext Hub, Sumit Karanji says, “DSYH owes its success to top RIL senior executives, mentors, investors and industry connects. Together they have helped us refine our business model and products, as well as scale up strategy and funding. We have also received great technological inputs through the Microsoft Accelerator partnership with GenNext Hub. It is helping us shape our product offerings.”
GenNext Hub is a 4-month startup Scalerator Program backed by RIL and powered by Microsoft Accelerator India. We help high-growth startups scale up fast through mentoring, funding, the RIL-Microsoft connect, and other resources. Applications for 2016 Winter Program are now open.
Venture Catalysts invests $100K – $250K in early-stage startups that has potential to create enduring value for over a long period of time. In less than six months, Venture Catalysts successfully added 9 companies to its kitty and is looking to add more in coming months. Even though, we are open to all sectors; we prefer companies in IoT, Artificial Intelligence, Ad Tech, Education, E-Commerce and Retail sectors. The startups that we fund get other benefits including mentoring, investor & industry network.