Shop Pirate, a Fast-emerging Coupon Distribution Firm, Raised Seed Fund Capital From Confidance Holding Pvt. Ltd., a New Private Investment Firm Focusing on Funding Innovative Ventures in the Technology Space
Shoppirate.in, a dynamic upcoming online coupon store, has received a seed fund investment of Rs.50,00,000 from India-based financing firm Confidance Holding Pvt. Ltd. and pledged another 1 million for marketing and development funds for expanding into other countries during the current financial year.
Shop Pirate was launched by Snippets IT Solutions Pvt. Ltd., a Hyderabad-based firm which is touted to be a trendsetter in the coupon space. Shoppirate.in was formally instituted a year back in May 2013.
The investment comes from Confidance Holding Pvt. Ltd., which in the past has invested in techno savvy and innovative ventures. There will be no major change in the management board, and Shop Pirate will continue to operate under the leadership of Ms. Kulpreet Kaur and Mr. Suresh Kumar.
Presently, Shop Pirate has partnered with over 350 top sites including Jabong, Myntra, MakeMyTrip, FirstCry.com and many more. The entire engagement works on a commission model. These sites pay Shop Pirate a commission for every purchase and Shop Pirate gives its users working and verified coupons. The model works well for Indian e-shops as they only pay a commission when a transaction takes place. Moreover, the site is an ultimate marketing platform for these online shops as there is no fee required to get listed on Shop Pirate coupon distribution platforms.
Confidance presented this deal as a way "to invigorate its position in the nascent yet fast-growing digital coupon space and to vigorously work towards improving transparency in the e-shopping arena." With the boom in online purchasing in the recent years, the vogue of coupon sites has gone manifold. This investment is being touted as a smart decision by industry experts, keeping in mind the expected surge in e-shopping in the coming years.
The website is already gaining traction amongst young Indian shoppers and has attracted fans on its Facebook page with interactive posts, contests and photos.
Kulpreet Kaur, Co-Founder - Shop Pirate, says, "We are glad to launch a transparent online coupon service for Indian shoppers with an omni channel approach by having a website, mobile apps and browser extensions compatible on all major platforms. This investment will further enable us to establish ourselves as market leaders in a short span of time. One of the main goals of Shop Pirate is to focus on user experience and to offer our users valid, working coupons and deals to help them save money and time on online shopping in a major way."
This funding will mean Shoppirate.in can now expand its roots in the realm of digital coupon distribution.
Will this mean something for the other players?
Couponing sites are mushrooming on the double. And undoubtedly, the competition is also piling up. However, not every site has got the best deal to offer. With a lot of negotiation involved and key players strengthening their roots further in the marketplace, upcoming players need more than just active coupons. Innovative marketing is the key. Team Shop Pirate's diplomatic abilities to deal with e-commerce giants, coupled with Confidance Holdings' innovative marketing prowess, will present a very tough competition to other market players.
Confidance has also dropped hints about supporting the mobile venture of Shop Pirate, by funding the app development and marketing.
www.shoppirate.in
