Having transformed 2,500 kirana stores across eight cities into virtual super markets, Ratan Tata-backed start-up SnapBizz further plans to collaborate with 15,000-20,000 store owners in top 30 cities of the country by the end of this year.
SnapBizz has helped kirana store owners in cities such as Bengaluru, Mumbai, Pune, Chennai and New Delhi deploy its digital technology-led solutions for running their retail stores. The company has set its eye on digitising over 100,000 kirana stores over the next 18 to 24 months.
The Bengaluru-based retail-technology firm has entered into the states of Telangana and Andhra Pradesh with 3MT Networks Pvt Ltd as the distribution partner for the region. It has opened offices in Hyderabad, Visakhapatnam, Vijayawada and Guntur.
Going forward, the company wants to expand globally, according to Snapbizz founder and chief executive officer Prem Kumar.
“We have witnessed growth in our revenues during the last year and expecting to achieve breakeven in next three to five years. The traditional retailers in the metro cities have seen 18-25 per cent rise in their profitability after deploying our digital solutions,” he said.
SnapBizz claims that its solution enables the store owners to achieve close to a million digital transactions every month. The company’s cloud-based platform connects every stakeholder in the retail ecosystem including FMCG brands, distributors, retailers, e-commerce, financial institutions and consumers.
SnapBizz provides the store owner a tablet, barcode scanner, printer and an LED TV for a one-time investment of Rs 40,000. This equipment not only allows the retailers to increase sales but also helps them to secure fixed monthly revenues from the FMCG brands.
The company receives a fee from the FMCG brands for providing them key consumer insights through data analytics. It also charges the brands for advertising at the LED display in each kirana store. The four-year old company has so far raised around $10 million from Qualcomm, Jungle Ventures, Taurus Value Creation, Konly Venture.