Bangalore-based m-commerce platform for grocery retailers - Jiffstore has got an undisclosed amount of funding from Unitus Seed Fund however Economics Times reports that the funding size estimated at between $50,000 (Rs 31.10 lakh) and $150,000 (Rs 93.30 lakh). Jiffstore will use the capital to further develop its technology platform and to expand its customer base of small shops.
Jiffstore platform helps local grocery shops and supermarkets to go online without investing much in technology, it helps them connecting with customers though a mobile app that offers online ordering and home delivery.
This is Unitus Seed Fund's third m-commerce investment so far in year 2014 following investments in mGaadi (m-commerce solution for ordering auto rickshaws) and Medypal (online marketplace for healthcare services).
"Retail in India is expected to reach INR 45 lakh crore (US$770 billion) by 2015. Ninety two per cent of the retail market is unorganised – mostly in small shops. We see a fantastic opportunity for a cost-effective m-commerce solution to automate these shops, help them compete, and delight their customers," said Shameel Abdulla, CEO of Jiffstore.
Jiffstore claims that it is seeing 30 per cent month-over-month order growth rate and is looking to bring on many new stores in the coming months. India has an estimated 1.5 crore kirana stores and small shops.
Jiffstore was founded in 2013 by 4 software engineers - Aswin Ramachandran, Sandeep Seenath, Satish Basavaraj, and Shameel Abdulla.
Jiffstore is currently available at 25 locations in Bangalore only, after this funding Jiffstore is expected to expand its services in other locations in India. Currently Jiffstore provide both Android and iPhone app to allow you to order from your phone and get free home delivery in 1 hour.
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