MySmartPrice bags $10M to help Indian shoppers get best online deals

MySmartPrice, a Hyderabad-based price discovery and comparison search engine, today announced that it raised US$10 million in series B funding from Accel Partners and Helion Ventures.

In December 2013, both VCs pumped US$1 million into MySmartPrice, which was preceded by an investment of INR 20 million (US$315,000) in 2012.

Launched in 2010, MySmartPrice lists products and their prices across various ecommerce sites, along with any corresponding discounts and coupons. This enables the user to compare the different prices and helps them make informed decisions. The user can also set a price drop alert that enables them to set a price they would want to pay on any product. When the price falls below the set amount, the user receives a notification. The website also has price graph that shows the predicted fluctuations in price of the product.

On the MySmartPrice app, users can compare prices of local retailers and ecommerce websites. It’s currently available for shoppers in Hyderabad, Bangalore, Chennai, and Delhi.

MySmartPrice claims to have 10 million monthly active users and sees US$120 million in gross merchandize volume annually. With the latest funding, MySmartPrice aims to expand its services in 50 cities across India and digitize over 100,000 offline local retailers and to catapult its growth to US$1 billion.

“The fresh round of funds will be used to build a truly omnichannel platform which will facilitate users to search, decide and buy any Product from any Store, whether online or offline,” co-founder Sulakshan Kumar said in a statement. “Our vision is also to enable millions of small retailers and entrepreneurs to improve their businesses by truly digitizing them.”

The company also plans to hire talent and improve its operations and marketing with the funding.

MySmartPrice competes with 91mobiles and PriceBaba, other such portals that enables users to compare prices of phones from online and offline merchants. PriceBaba has 3.5 million monthly active users and 850 retailers listed. The startup is backed by 500Startups.

India is a price-conscious market and therefore, MySmartPrice and other similar startups are addressing a sensitive pain-point.