SAIF Partners fund Niffler –mobile offline deal app received seed funding of $1 million. Niffler Labs Pvt Ltd which owns and operates mobile first startup Niffler app. The app offers deals from offline players.
The company is deal aggregator. With the help of app, the startup helps user to discover deals and discounts from brick and mortar stores across categories ranging from food and drinks, spas and salons, apparel and home decor.
Niffler app is so person-friendly that it notifies its users when new offers from their favorite brands are out in the market.The app observes and analyses the habits and the liking of the users and serve a list with the best deals based on their likes. Whenever the user walks into a mall or shop, the best deals available for them from those shops will pop up on their phones.
Niffler has tied with big retail stores like Shoppers Stop, Forever 21, Nike, Levis and Zara among others. They have exclusive tie up McDonald’s, Four Fountains Spa and Birdy’s, a user whenever arrives near the shop, deals on happy hours will pop up on the mobile phone of the user.
Niffler tracks user locations to display deals and sales on the app. The company claims to have over 3,000 active offers listed from 15,000 stores. Niffler is present in Mumbai, Pune, NCR, Bangalore and Hyderabad. The company claims to have partnered with 300 outlets in Mumbai to offer Niffler exclusive discounts.
Mumbai based Niffler Labs Pvt Ltd was founded by ex IITians – Edul Patel, Prince Arora and Viraj Shah. Edul Patel has graduated in Bachelor of Technology in Materials Science from Indian Institute of Technology, Bombay. He was Manager for the college fest of Indian Institute of Technology, Bombay. In 2009 he became Chief Editor of Pulse – The science and Technology Magazine of IIT Bombay. In 2011 he joined Deutsche Bank as Senior Business Analyst. He was handling Forex Risk and Margining desk for the bank and also data analytics and building systems.
Prince Arora is another co founder of Niffler. He has done Bachelor of Technology in Electrical Engineering from Indian Institute of Technology, Kanpur. In 2010, he joined ETH Zurich as Research Intern on Computer Vision and Geometry Group. He devised optimal placement plan for 12 camera recording setup to generate the required field of view. In 2011, he joined as Analyst, Deutsche Bank. He formulated, back testing and shadow testing strategy algorithms. Pricing and modelling of the swaps and bond option trades in EM legacy books. He worked in Deutsche Bank till he co founded Niffler.
Viraj Shah is co founder of Niffler. He is 1st rank holder in dual degree batch in Metallurgical Engineering and Materials Science in 2011 and he got silver medal. He has Bachelor of Technology and Master of Technology from Indian Institute of Technology, Bombay.
In 2008, Viraj Shah was marketing manager of Techfest, a college festival of Indian Institute of Technology, Bombay, Bombay. He joined as Trainee in IL&FS financial services where he worked on promoter funding. In 2010 he joined ICICI Prudential AMC Ltd as Summer Intern where he compiled a list of potential investment targets in Metals and Mining sector for the company.
In 2010, he became Placement Coordinator for Indian Institute of Technology, Bombay and in 2011, he moved to Citibank, India as Analyst, Capital Markets Origination. He actively in origination and execution of capital market mandates from leading Indian Corporate and Financial Institutions. In 2013 he with Edul and Prince founded Niffler Labs.
The company received $1 million as seed capital from SAIF Partners on 04, March 2015. The funding will be used for expansion of technology enhancement. Right now Niffler app is available on Google Play environment and soon it will deploy in iOS environment too.
Mukul Singal, Principal Partner of SAIF Partners said “We see immense potential in an app like Niffler that optimizes the mobile platform to influence sale at offline stores. Their aim is to build the mobile-powered information superhighway, connecting brick and mortar stores with consumers. There has been a significant uptick in appetite for businesses that connect offline businesses to consumers via mobile and we are certain that Niffler will scale tremendously in the days ahead.”
Niffler faces tough competition from other apps such MySmartPrice – The app has introduced comparison of services for mobile phones in twin cities of Hyderabad and Secunderabad. MySmartPrice is planning to expand its foot prints to other cities too. They have tied up with Sangeetha Mobiles and The Mobile Store. The app is capable to listing prices of products from shops closest to a user’s location.
Another app PriceBaba gives tough fight to Niffler. PriceBaba has services in 11 major cities of India has user base of 3.5 million users every month. They are presently operating through brick and mortar shops in Mumbai, Bengaluru and Delhi. Recently they have extended their operations to Chennai, Hyderabad, Baroda and Surat, by growing their list to a total of 11 cities.