Pune’s start-up wins global competition, bags $5 lakh investmenthttps://indianexpress.com/article/cities/pune/punes-start-up-wins-global-competition-bags-5-lakh-investment/

Pune’s start-up wins global competition, bags $5 lakh investment

The two-year-old company help customers make the best deal in terms of price by scanning the bar codes on sites

Pune-based price comparison platform Scandid has emerged as one of the five winners of the recently concluded Seedstars World (SSW) global start-up competition held in Geneva. Scandid, which had earlier won the regional rounds in Bengaluru last year, will now see equity investment to the tune of $5 lakh by SSW. Sushil Choudhari, founder and CEO of Scandid, said the investment plans would be sealed in two months.

The two-year-old company is in the space of e-commerce and aims to help customers make the best deal in terms of price by scanning the bar codes of the products from various sites. The Scandid app was launched last year and has seen more than 50,000 downloads. Scandid also allows buyer to make the best choice in shopping by means of comparison of offers, deals and coupons. On an average, Scandid witnesses over 50,000 transactions every month with an average ticket size of Rs 1,200.

SSW is based in Geneva and is supported by venture builder Seedstars. Touted as one of the biggest innovation and tech conferences in Europe, the final round had seen Scandid compete with 9 other start-ups from across the globe. For the final round, Scandid team travelled to Geneva to pitch for their product before the grand jury.

Talking about the award, Choudhari said the investment will be finalised in two months and would amount to $ 5 lakh. “This investment would be used for product development and increasing the range of shopping. A part of the investment will be used to strengthen the app as well as publicity,” he said.

Choudhari said over the last few months they have seen a 30 per cent increase in traffic as well as revenue. Last year, Scandid’s app was launched as an embedded widget for the new range of Lava phones.