Smytten has secured Rs 100 crore in Pre-Series B funding led by Fireside Ventures and Roots Ventures, leading to doubling of its valuation. A company that promises its online customers to try something new, is gearing up to add something new in its offerings with the fresh capital.
The new capital will be deployed for developing many industry-first tech and data solutions. with advanced applications of Artificial Intelligence (AI) and Machine Learning (ML) to optimise the marketing funnel for D2C brands — starting from new product development to consumer acquisition and retention.
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 the technology and infrastructure. Currently, B2B brands in the D2C segment has seen significant growth, and we want to continue onboarding one to our partners everyday.”
Furthermore, the platform plans to invest heavily to create a best-in-class servicing infrastructure across the country to widen the product trial touch points and strengthen the online service delivery to better the pre-purchase buying experience for consumers at scale.
Nangia added the team is also looking to hire significantly. The Smytten team added they aim double down the resource strength across key functions including supply chain, marketing, research and insights, and accelerate growth to Rs 500 crore ARR (Annual Recurring Revenue) by end of FY23.
Smytten targets to add 5 new categories in its offerings
“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.
He explained the team is also looking at strong consumer acquisition they already have 10 million consumers, and aim to add over 10 million more — totalling to over 20 million.
Siddhartha said, “We are looking at the HENRY (High Earning, Not Reached Yet), 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, is not specific to women.”
The funding round also saw participation from Sharrp Ventures, Waao Partners, Survam Partners, and Sattva Group Family Office.
