Singapore-based e-commerce solution provider Graas (growth-as-a-service) made its maiden foray into India with the acquisition of artificial intelligence-backed direct-to-consumer (D2C) platform Shoptimize for over Rs 200 crore in a cash-and-equity deal, a top executive told VCCircle.
The acquisition comes right after Graas also announced a $40 million (around Rs 317 crore) Series A fund raising round, led by Galaxy (Kejora-led special purpose vehicle), Performa (European Asset Manager-led SPV), Integra Partners, Yuj Ventures (Xander Group) and AJ Capital.
Along with the Indian startup, Graas, operated by Solv Pte Ltd has also bought a Singapore-based e-commerce cross border firm SELLinALL. The company declined to comment on this transaction.
Founded by serial entrepreneurs and martech veterans, Prem Bhatia and Ashwin Puri in 2022, Graas is an artificial intelligence (AI)-backed technology solution provider that helps e-commerce companies in growth. It provides real-time insights and actionable recommendations for brands, a statement said.
Prem Bhatia, Co-founder and chief executive officer at Graas, told VCCircle, “we are looking for India market pie in retail at $800 billion where in the e-commerce segment we are aiming up to $70 billion. In India, there are some big technology companies like Flipkart, Amazon, Nykaa, Shopify taking the centre stage. We have started pilots with a number of companies in India and what we understood is that there is no company is India offering AI engine that is e-commerce specific and we think this is the right time to invest.”
“While India and Southeast Asia are the fastest growing regions for e-commerce in the world with $200 billion in gross merchandise value (GMV), they still account for less than 10% of all retail in the region. Given the increase in number of marketplaces, revenue shares with various platforms, advertising and customer acquisition costs (CAC) and fluctuating warehouse and last mile costs, margins are under threat,” he added.
“The intersection of AI, eCommerce, adtech and fintech presents a multi-billion-dollar opportunity in southeast Asia and India. With the e-commerce market across the region seeing significant growth, brands are waking up to the fact that they need a scalable solution that propels Graas' business to greater heights, ultimately growing their bottom line,” said Jinesh Patel, Managing Partner of Integra Partners.
Shoptimize, founded by Mangesh Panditrao and Vivek Phalak in 2012, is a platform for all D2C e-commerce needs. The brand covers multiple facets of eCommerce when it comes to D2C growth, enterprise solution and tech space.
Singapore-based SELLinALL, founded in 2015, offers a complete suite of an integrated solution that helps online merchants sell well and sell more.
The D2C space in India have matured over the last couple of years, and giving a stiff challenge to the traditional retail industry with their tech-driven disruptive models.
