MUMBAI: Dont Scratch Your Head (DSYH), a SaaS-based reconciliation platform for e-commerce channels, has raised $250,000 funding from Venture Catalysts (VCats). The round was led by Gaurav Singhi of VCats (Surat) and Zaffiro Ventures. DSYH is a part of the four-month Scalerator Program at the Reliance-backed GenNext Hub and powered by Microsoft Accelerator India.
Speaking about the $250,000 raised, DSYH CEO Suraj Vazirani says, “We will use the funds to upgrade our technological infrastructure and customer support team – both key to our business growth.
Praising Venture Catalysts (VCats), he adds, “Venture Catalysts has stood true to its name, acting as true catalysts in our journey right from the start. In India, where there are very few seed-stage venture platforms, VCats has been a great mentor – its quick evaluation process, and even quicker decision to invest in DSYH, giving Indian e-commerce a great boost.”
By the end of 2016, e-commerce industry is likely to touch $38 billion in India says a GenNext Hub release. It is projected to surge to $100 billion by 2020, with over 5 lakh sellers joining the bandwagon. Sellers selling on multiple platforms, such as Flipkart, Snapdeal and Amazon, get their payments only after the marketplaces have deducted charges as per policies.
Some of the major hassles faced by a seller while selling across multiple marketplaces are: reconciling accounts, payments, returned orders, promotional amounts, reimbursements, etc. DSYH, with its e-commerce seller ecosystem of ‘reconciliation’ across multiple marketplaces through a single window, removes these hassles claims the release. Solving the reconciliation pain point makes marketplaces more efficient, and helps sellers service Indian consumers better and faster.
Sharing his experience of being a part of the Scalerator Program, DSYH co-founder & COO Sumit Karanji says, “DSYH owes its success to top RIL senior executives, mentors, investors and industry connects. Together they have helped us refine our business model and products, as well as scale up strategy and funding. We have also received great technological inputs through the Microsoft Accelerator partnership with GenNext Hub. It is helping us shape our product offerings.”
