Mumbai-based Priceburp Media Pvt. Ltd, which runs coupons and online deals portal PriceBurp.com, has raised under $100,000 (less than Rs 60 lakh) from Bright Ventures, an early stage investment company based in the Netherlands. The investment will be used to facilitate tech development and hire workforce.
“We are targeting to grow store partners to 2,500 stores by the end of next month. We are already adding close to 1,500 coupons every week, for the 850 stores that we’ve already partnered with,” Nirav Dave, founder & director of Priceburp, said.
“The site has covered most of the categories including coupons and deals for electronics, fashion, health & beauty, home & lifestyle and travel etc and we now plan to expand to other important e-commerce categories as well including online education and other services,” he added.
The company was founded in 2011 by Dave who has been a graphic designer in various capacities in Cinemax, another entertainment company Get Me In, besides his own startups Adswale.in, Capsicum Mediaworks LLP. He had also started out Zarahutke.in, an offbeat travel service company.
“In a scenario where most of the e-commerce websites are eyeing greater conversions, coupons come in handy to induce a prospective buyer and convert his intention to purchase,” said Dave while talking about his rationale to enter this space.
There are many coupon sites in India including Times Internet’s TimesDeal, which recently acquired CouponDunia and merged its own property with the latter. Besides, Rocket Internet-backed CupoNation, MyDala, Cashback and Cashkaro are some other prominent players in the space.
For Bright Ventures this is the first investment in an Indian startup. The fund is a Dutch early stage venture firm and growth fund for technology-driven businesses. It was founded in 2012 by Paul Montagne, an informal investor and internet entrepreneur.