Zopper raises funding $20 million from PE’s


Zopper Funding - Feature 2Zopper bags $20 million from Tiger Global, Blume Ventures and Nirvana Venture Advisors. New Delhi based Zopper focuses on selling large products like home appliances. Zopper is the brand and operated by New Delhi based Solvy Tech Solutions P Ltd. The company is India’s largest hyper local mobile marketplace.

The company is frontrunner in bringing both online and offline retailers to a common platform for consumers in India. Zopper has spread its operations to over 30 cities with a tie up 250,000 offline and 2,000 online retailers. Internet empowered, highly price sensitive Indian customers are by driven by research online, purchase offline which in turn helped the growth of hyper local markets. Zopper assists in best local deals by providing price and product comparison service.

The company has increased its footprint by adding large format retail stores into their fold. This in turn helps in minimizing the risk of a credit purchase, return problems and warranty issues for the users. In addition, customers would get the advantage of fast delivery and easy returns.

Zopper Funding - Feature 3Customers can buy from the comfort of their homes or offices and get the products instantly from the nearby stores. Zopper has recently tied up leading mobile phone and accessories company The Mobile Store. Zopper has seen downloads from cities like Mumbai, Pune, Hyderabad, Chennai, Kolkata, Gurgaon and Ahmedabad. Zopper has become favourite hyper market local place offers several product categories from mobiles, laptops, tablets and bigger products like washing machines, home theatre systems, refrigerators etc., the list never ends.

Zopper was earlier known as reviews42.com, a review platform. Building revenue model through review platform was not viable. The founders slowly transited from review model to shopping module. Zopper earns revenue when a customer uses their website for a product. The company will charge a fixed percentage of the sale. Apart from they also generate fixed monthly subscription from the merchants.

The company was founded in 2011 by Neeraj Jain and Surjendu Kuila. Neeraj Jain is co founder and Chief Executive Officer of the company. He holds a degree in Electronics Engineering from University of Lucknow and post graduation diploma in management from Indian Institute of Management, Ahmedabad in 2005.

Zopper Funding - BannerNeeraj started his career as senior software engineer, Hughes Software Systems in 2000. He worked in the company for 3 years. In 2005 he became an associate in Adventity. He had brief stint as senior business analyst in Spark Capital Advisors till June 2006. In July 2006 he joined as partner in Metalogos. The company is into consulting for various business related issues such logistics, media and real estate companies on various financial and operations issues apart assisting them in raising funds. He worked till the end of July 2009.

In 2011 he joined Surjendu Kuila to start Zopper.com. Surjendu is Chief Operations Officer of the company. He has rich experience having worked in the US. He graduated in Bachelor of Technology from Indian Institute of Technology, Roorkee in 2001. In 2010, he did his Master of Business Administration in marketing, finance and entrepreneurship from Indian Institute of Management, Calcutta.

Surjendu started his career in August 2001 as programmer analyst – hi tech and discrete manufacturing in Infosys Ltd, Connecticut. He worked for the account of Pitney Bowes. He worked with the company for 3.4 years and joined Apple Computers in January 2004 as software programmer – IS&T group. He was part of iTunes group. After a stint of 25 months in Apple Computers he moved as Technical Architect, state and local for CIBER Inc, Seattle in January 2006.

Zopper Funding - Feature 3After brief stint of 16 months with CIBER Inc, Surjendu became senior engineer, Adaptive Authentication Group for RSA – Security division of EMC. He was part of adaptive authentication group and built 2 way authentication products for Bank of America, Wells Fargo and several other financial institutions. He worked with RSA for 9 months.

In January 2008, he joined as principal engineer – collaboration group for eTouch Systems, where he was core member of the company. After working for 15 months he became Associate Director – eCommerce Programs for Rediff.com in April 2010. With brief stint of 3 months he moved and became partner and Associate Vice President of Luna Ergonomics.

Chetan Bhargava is Chief Business Officer of Zopper. Chetan is highly qualified and has rich management experiences. He has Master of Business Administration degrees in marketing, innovation and leadership from well known management institutes such MIT Sloan School of Management and Indian Institute of Management, Calcutta. He has experience having several big multinational companies Hewlett Packard, Microsoft, GE-SBI, Arvind Group.

Zopper Funding - Feature 5Zopper saw their series ‘A’ funding for an undisclosed amount from well known PE investors like Nirvana Venture Advisors and Rahul Khanna (MD of Canaan India) along with group of investors. The company has been funded with $20 million in Series ‘B’ funding recently. Tiger Global has funded major part of the funding in this round along with Nirvana Venture. Tiger Global has made several investments in companies like Delhivery, Vedantu, Chaayos and Nubank to name few.

Zopper has to compete with several online portals like MySmartPrice.com, FindYogi, PriceBaba, Buyit, PriceDekho, and Amazon’s Junglee.com, Flipkart, Snapdeal and few others. The online portal business is witnessing lot of activities in terms of funding, merger and acquisitions in recent times.

The company aims ambitious target of 15 million merchants in next five years and they are witnessing user activity on the rise 100 times in last three years. Zopper aims to be leading major player in the shopping segment in next few months. It would be interesting to watch Zopper to achieve these ambitious goals, since the profit margins are very low and the business is highly volume driven.