Mumbai-based online price comparison and product discovery portal YouTellMe announced that it has raised around US$100,000 from Dutch early stage investment firm Bright Ventures. The funding will be used to further optimize the platform and acquire more talent, according to the company.
YouTellMe is a smart assistant for online comparison shopping in India, helping users to compare prices of products from multiple online stores in categories like mobile phones, electronics, home and kitchen, fashion and health and beauty for users to discover best products. In addition to price comparison and discovery, the site also works as a recommendation tool and review platform where users rate products and online stores and help fellow shoppers make informed buying decisions.
The one-year-old site claims to be working with over 30 online stores and has more than 3 million products listed on its platform.
The startup was founded in 2013 by Shailendra Dave, an entrepreneur who has over 10 years of corporate experience behind him. Shailendra’s career in Indian television was spent in various roles with major brands including Zee TV, Star Network, UTV and Disney India.
“We want to build an online mall where people can shop for bargains, deals, coupons or simply compare products. In addition, we are a widespread price comparison and product discovery portal with more than 800 categories to choose from”, Shailendra said.
Unlike Western markets where e-commerce is reaching saturation point, India’s online shopping is still booming and attracting new startups. The Indian e-commerce market is expected to be grow at a rapid pace over next five years, reaching US$50-70 billion by 2019, according to the company.
Other players in the same sector in India includes MysmartPrice, Junglee, Pricedekho, Pricebag etc. Pricebag just raised US$2 million angel funding this August.
Editing by Mike Cormack (@bucketoftongues)