Total amount raised
$21.9 Millions
Latest funding date
5/1/2022
Location
Smytten has successfully raised significant funding over multiple rounds, with its latest being a Series B round on May 16, 2022. The platform offers direct-to-home product trials for D2C brands, making it a unique player in the consumer discovery space.
Keep reading to explore the intricacies of Smytten's fundraising journey and the investors backing this innovative platform.
What Is Smytten?
Founded in November 2015, Smytten is an online discovery platform based in Bengaluru, Karnataka, India. The company offers direct-to-home product trials for D2C brands, allowing users to try premium products before purchasing.
Smytten was co-founded by Siddhartha Nangia and Swagat Sarangi. The platform also provides features like assisted shopping and customized offers, enhancing the consumer discovery experience.
With a team of 251-500 employees, Smytten continues to grow, making it a significant player in the consumer discovery space.
How Much Funding Has Smytten Raised?
- Seed Round
- Amount Raised: $200K
- Date: November 2015
- Lead Investors: Rimpal Chawla
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the platform and develop initial product offerings.
- Seed Round
- Amount Raised: $1.3M
- Date: April 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's technology.
- Series A
- Amount Raised: $1.5M
- Date: October 2019
- Lead Investors: Roots Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase brand partnerships.
- Series A
- Amount Raised: $6M
- Date: August 2021
- Lead Investors: Fireside Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology and expand consumer reach.
- Series B
- Amount Raised: ₹1B (approximately $13.3M)
- Date: May 2022
- Lead Investors: Fireside Ventures, Roots Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen technology, expand trial touchpoints, and improve online service delivery.
Total Amount Raised: $22.3M. Current Valuation: Not publicly disclosed.
Key Investors
- Fireside Ventures
- Details: Fireside Ventures is a venture capital firm that focuses on early-stage investments in consumer brands. They have been instrumental in backing several high-growth consumer startups in India.
- Investment Focus Areas: Consumer brands, food and beverages, personal care, lifestyle, home products.
- Notable Investments: Mamaearth, Boat, Vahdam Teas.
- Roots Ventures
- Details: Roots Ventures is an investment firm that provides growth capital to emerging businesses. They have shown strong support for Smytten, participating in multiple funding rounds.
- Investment Focus Areas: Consumer-tech, healthcare, technology.
- Notable Investments: Not publicly disclosed.
- Sharrp Ventures
- Details: Sharrp Ventures is the family office of Harsh Mariwala, the chairman of Marico Limited. They invest in a variety of sectors, leveraging the Mariwala family's business acumen.
- Investment Focus Areas: Consumer goods, diverse sectors.
- Notable Investments: Not publicly disclosed.
- Waao Partners
- Details: Waao Partners is the family office of Pratul Shroff, founder of eInfochips. They are involved in diverse investment activities, particularly in technology and innovation-driven businesses.
- Investment Focus Areas: Technology, engineering, innovation.
- Notable Investments: Not publicly disclosed.
- Survam Partners
- Details: Survam Partners is the family office of the Munjal family, associated with Hero Group. They have a history of investments in various industries.
- Investment Focus Areas: Consumer, industrial, diverse sectors.
- Notable Investments: Not publicly disclosed.
What's Next for Smytten?
Smytten stands at the cusp of a significant opportunity, with plans to enhance its technology, expand its servicing infrastructure, and increase trial touchpoints. The company aims to tap into a potentially $10 billion market for sampling and advertising, positioning itself as a leader in the D2C space. With over 900 brand partners and a growing consumer base, the potential for growth is immense.
Future fundraising opportunities seem promising, given the successful Pre-Series B round and the large market potential. Smytten's focus on leveraging AI and ML to optimize the marketing funnel for D2C brands could attract further investment. The company’s international expansion plans, targeting Southeast Asia and the Middle East, also present avenues for additional funding.
However, Smytten may face challenges in scaling its technology and infrastructure to meet growing demand. Maintaining a seamless consumer experience while expanding and competing with other players in the D2C market will be crucial. Effective utilization of raised funds and continuous innovation will be key to overcoming these hurdles.
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