Bengaluru-based internet commerce enabler Swift has raised $2.2 million in pre-Series A funding led by Kalaari Capital with participation from existing investors FirstCheque, Indian Angel Network, and other angel investors.
Founded in 2019 by three friends from BITS Pilani - Shyam Kalita (Ex-Pitney Bowes, Ex-Zinnov), Prayas Mittal (ex-Flipkart, ex-Urban Ladder), and Debanshu Sinha (ex-Goldman Sachs, ex-Citi) - Swift’s commerce platform simplifies online shopping for millions of consumers by helping SMEs, and D2C and omnichannel brands run their internet commerce ventures without any hassle.
Funds from this round will be used to scale engineering efforts and simplify complex business workflows across checkout, payments, and fulfilment, the startup said.
“Our checkout product helps brands interact seamlessly with customers by providing a unified one-tap layer for marketing, cart management, and payments. Swift’s flagship fulfilment product on the other hand, helps sellers manage, process, and deliver better. Put together, our platform can power the growth of India’s internet economy,” said Shyam Kalita, Co-founder at Swift.
Debanshu Sinha (L), Prayas Mittal, and Shyam Kalita: The Founders of Swift
Swift’s internet commerce stack claims to be designed to serve D2C brands, drop shippers, small businesses, and omnichannel brands equally well.
The recently launched ‘Swift Checkout’ product helps sellers increase order volume by drastically reducing cart abandonments, while their ‘Fulfill with Swift’ product combines OMS, WMS, Shipping, and Reconciliation - all in one place. With their intelligent routing and RTO management engines, orders are fulfilled faster, cheaper and better.
Prayas Mittal, Co-founder, Swift, said, “Competing with marketplaces like Amazon and Flipkart, without the infrastructure to enable commerce is akin to running a mule in a horses' race. At Swift, we have built a one-stop solution that enables sellers to focus on their core business while our infrastructure manages everything around it - cart conversions, payments, fulfilment, and returns reconciliation.”
“The D2C ecosystem and vertical ecommerce in India has been growing rapidly in the last few years. We believe building solutions that cater to online brands and SMEs, which will help them to compete with large horizontal ecommerce players, will be a large opportunity going forward.
"Swift is building a full stack e-commerce enablement platform that brands, SMEs and ecommerce platforms are finding value in and we are impressed by the team's vision and execution,” said Kiran Vasireddy, Partner, Kalaari Capital.
According to Swift, the D2C space in India is expected to become a $100 billion market by 2025 while internet spending is estimated to grow at over 39 percent CAGR. With the industry at the cusp of monumental growth, Swift aims to help grow India's internet economy.
Edited by Teja Lele Desai
Link : https://yourstory.com/2021/07/funding-alert-internet-commerce-enabler-swift-pre-series-a-kalaari-capital
Author :- Sujata Sangwan ( )
July 26, 2021 at 11:54AM
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