Bengaluru-based Synup has raised Series A funding to the tune of $6million (around Rs. 40 crore) led by Vertex Ventures.
Synup is a startup based out of Bangalore and works in the technology space helping merchant establishments manage their presence on multiple online platforms, on an annual subscription basis. Interestingly, the Synup’s customers are all from outside India at the moment, though they expect to “signup” Indian merchants also very soon.
Existing investor, Prime Venture Partners has also participated in this round.
The stated purpose of the additional infusion of funds into the startup is to expand the customer base from the current level of around 50, 000 to 500, 000 and spread to other geographies as well. Their existing merchant subscribers are mostly from the US. Synup will first foray into the UK and Europe before turning to other markets including India as well.
Their customers are serviced on platforms like Google, Facebook, Apple, Yelp and Yellow Pages, among others. The business model involves taking care of their customers’ online presence in each of these platforms, the ads being hosted there and all other requirements expected out of such memberships on these portals, popular worldwide.
The founder of Synup, Ashwin Ramesh, started his business very young, when he was just in his teens and still in school.
When he launched Synup in 2014 he got an investment from Prime Venture to the tune of Rs 3 crore. The annual subscription Synup takes from its customers is $360 for every store location. The startup will manage their presence with ease making real time updates and saving on cost time and effort. From maintaining their profiles to offering rankings based on feedback and through search engine results, their customers can get full value for money.