Excl: EBS co-founder's offers management solution venture for e-com Growzippy raises $1M
Growzippy, a web analytics venture launched by Nishanth Chandran, co-founder of online payments company E-Billing Solutions Pvt Ltd (EBS) -- which was acquired by Belgium-based payments company Ogone in 2011 -- has secured $1 million in funding from two unnamed High Net-worth Individuals (HNIs) based in India.
The money will be used in engineering and product development, besides launching the product in India early next year and later in the UK, Chandran told Techcircle.in.
Chandran quit as CEO of EBS early this week after a nine-year-long association.
A graduate from Visvesvaraya Technological University (Karnataka), Chandran co-founded EBS along with Prabhu Ram in 2005.
In 2011, Ogone had picked majority stake in EBS in a cash-and-equity deal, and later fully acquired the firm in March this year. Ogone itself was snapped by Ingenico last year in a global deal and EBS is now part of Ingenico.
Growzippy, currently in beta, was launched early this month by Chandran, along with Shuveb Hussain and Arun Venkataswamy.
Hussain was earlier head (cloud) at K7 Computing, while Venkataswamy co-founded Lyra Technologies in the past.
Growzippy is a customer intelligence and web analytics solution that provides an offer management solution to e-commerce companies. It also gives e-com firms the insights to optimise their marketing, in addition to intuitively suggesting products to cross sell and helps them in understanding customer preferences, thereby boosting engagement.
"Growzippy is basically an offer and promotion management solution for e-com firms," said Chandran. "It is a plug-and-play solution which can be easily integrated into the client's site and they are good to go."
According to Chandran, online payments is a huge space and he wants to leverage his experience in this space to increase the consumer conversion rate for e-commerce companies. "Even though it is a different vertical, we have a huge amount of experience in optimising payments and bounce rates. We build these functionalities as a plug-and-play solution for these e-com companies," he added.
The firm is currently working with around 10 clients including Hungama, Wave Cinemas, Mydala and Spice Digital.
(Edited by Joby Puthuparampil Johnson)