Perpule, a fintech startup based in Bengaluru, has announced that they raised $650,000 in a funding round led by Kstart Capital. Kstart Capital is a sister subsidiary VC firm Kalaari Capital. The startup provides a self-checkout, queue management, omnichannel engagement and payment platform for offline stores.
The funding round also witnessed participation from venture fund Venture Highway and Raghunandan G, co-founder of TaxiForSure. The startup was founded by Abhinav Pathak, Saketh BSV, and Yogesh Ghaturle. The former too were Goldman Sachs executive in their early days and Yogesh is a NIT-Karnataka graduate.
“Our vision is to ensure waiting in queues is a thing of the past.With improved systems, we are saving customers’ time and thus improving the overall experience,” said Abhinav Pathak, CEO of Perpule to TOI.
India’s retailing industry is $600 billion in size, of which only 10 percent is organized and works mostly on card machines and cash payments. Today, stores have no quick checkouts because financial technologies and app-based payments have not caught up with them. Indian retailers spend only three percent of their revenues on technology, which is estimated to be around ₹12,000 crore in India.