Gurgaon-based Accentium Web Pvt Ltd, the company behind PriceBag.com, a product reviews and price comparison portal, has secured $2 million in funding from a group of unnamed high net-worth individuals (HNIs) based out of Delhi.
While the names of the investors are not disclosed, PriceBag's director Vivek Pahwa said that these investors are working in the non e-commerce business domain, and have been doing multiple angel investments in the internet and technology areas in India.
PriceBag will use a major chunk of the funds for product development and marketing. A part of the funds will also go towards expanding Accentium's other internet properties.
"E-commerce is on a hockey stick growth path. Those companies which help enable shoppers to shop online should also witness high growth. Product discovery and price comparison is one such category," said Pahwa.
Launched early this year, PriceBag.com enables users to compare detailed specifications of products. Additionally, it provides the price details of products listed on various e-commerce sites in India. PriceBag.com is currently focusing on electronic items such as mobile phones, laptops, tablets and cameras, and is planning to add more categories soon. There are number of such ventures including MySmartPrice.
"We plan to add eight more categories, including books, home dÃ©cor products, fashion clothing, home appliances, personal care products, entertainment devices in the next six months," said Pahwa, whose previous venture Gaadi.com was acquired by Naspers Group in 2011.
Accentium is a consumer internet company that also runs portals like SecondShaadi.com, a matrimonial site for second marriages; 99Cars.com, an automobile portal; and StudyNation.com. The company had earlier run a social networking site called DesiMartini, which was later acquired by HT Media's Firefly eVentures.