Smytten raises funding of around Rs 100 Cr

Smytten, a tech-enabled product discovery and trial platform has raised Rs 100 crore in a pre-Series B funding round. The fresh funding capital round of Smytten was led by Fireside Ventures and Roots Ventures. The companies like Sharrp Ventures, Waao Partners, Survam Partners, and Sattva Group Family Office took part in the round. The valuation of Smytten has doubled.

The fresh funding capital will be utilized in the following ways:

Building tech and data solutions, to optimize the marketing funnel for D2C
To invest in creating servicing infrastructure to widen the product trial touchpoints, and
Strengthen the delivery service to better the pre-purchase buying experience.

The team of Smytten is also looking for hiring significantly. The company is planning to double the resource strength across the supply chain, marketing, research, and insights, and increase the growth to Rs 500 crore ARR (Annual Recurring Revenue) by end of 2023.

Smytten, by the end of this year, is planning to put its hand in international dealing as well, with expansion plans across Southeast Asia and the Middle East. In the current scenario, the team is estimating that the market will continue to grow significantly with a 5 to 50 times growth in the brands on the platform. Smytten has 900+ brand partners on its platform across lifestyle categories, ranging from fragrances, beauty and makeup, male grooming, food and beverages, baby and mother care, and health and wellness.

EXECUTIVE OPINION:

Siddhartha Nangia, Co-founder of Smytten said, "We are looking at a significant growth and push this year. The funding we have raised will be used for five different growth aspects of the business. One is the significant growth of technology and infrastructure. Currently, B2B brands in the D2C segment have seen significant growth, and we want to continue onboarding one to our partners every day."

"Currently, we are present in 12 categories and are looking at adding five more categories, and category experts. We also are looking at significant brand building, and we expect every Indian to know about Smytten," explained Siddhartha.

Siddhartha said, "We are looking at the HENRY (High Earning, Not Reached Yet), a segment of consumers. These are between the age of 27 to 38 years and have an average income of Rs 8 lakh to Rs 10 lakh per annum. Currently, 70 percent of the users are women, however, with the new categories we will be expanding into we want to attract more men as users. Try before you buy, it is not specific to women."

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Smytten raises funding of around Rs 100 Cr

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