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Pune Based Simplibuy Secures Financial Backing From Ecosystem Ventures
Ecosystem Ventures, the Silicon Valley-based seed stage investment firm famous for its close financial & strategic association with Social Media bigwigs like Facebook & Twitter has put money in Simplibuy. The company is a Pune based startup that offers users to discover attractive prices, products and stores in select cities via its flagship product ‘Where is Cheapest‘ (WiC). The location aware services company has not officially disclosed the quantum of financial support, but Ecosystem is a wealthy seed-stage venture capital and strategy consulting firm. This company specializes on commercializing companies with European ties, who are interested to expand in the US and Indian markets. The investment firm has offices in Zurich & Delhi.
What does Simplibuy offer?
The company relies on two distinct content generation & matching strategies: user-generated content and vendor-submitted pricing to gain traction for WiC. The company strives to enhance user interaction & engagement with its platform to gather user preferences & expected prices. Currently effective across 5 of the top Indian metros, WiC competes with other price comparison ventures PriceBaba & CompareRaja which were recently launched from Mumbai.
To ensure the seller has a reality check about the price, users are allowed to quote ‘wished’ (desired) prices through WiC’s ‘iwant’ feature. Depending on the credibility count the WiC algorithm affixes to a user, a reliability value is decided for the quoted price & other users can even validate the prices as right or wrong. Leaving nothing to chance the company also regularly holds price suggestion contest to jack up user contribution & doles out rewards. Matching real world shoppers either with virtual e-commerce ventures or offline stores via a singular online platform is a promising concept. While the platform can offer merchandise from a choice of offline or online retailers, a price comparison engine ensures buyers get the lowest possible price.
Being location aware, customers get the additional benefit of finding a store close to their location. This in turn, greatly enhances the chances of the buyer actually going through with the purchase & even cut down on the delivery period & logistical hurdles.
Website | Simplibuy
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2012-12-11 13:01:20
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