Funds will be used to scale engineering efforts and simplify complex business workflows across checkout, payments and fulfilment
BS Reporter |
Last Updated at July 26, 2021 14:00 IST
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, D2C and omnichannel brands run their internet commerce ventures without any hassle.
The funds from this round will be used to scale engineering efforts and simplify complex business workflows across checkout, payments and fulfillment. Swift believes in realising efficiencies for its sellers through intuitive design, self-serve automations and data driven intelligent systems.
“The internet commerce infrastructure in India has been built to serve large marketplaces making it impossible for smaller brands to compete with them. This is clearly visible in the small proportion of online orders placed via D2C store fronts vis-a-vis marketplaces,” said Shyam Kalita, co-founder at Swift.
Kalita believes that ‘this disparity comes from problems rooted in code and not business’. “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 fulfillment 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” he added.
Swift’s internet commerce stack is designed to serve D2C brands, drop shippers, small businesses and Omnichannel brands equally well. The recently launched
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. There is no doubt that the next decade of eCommerce in India belongs to D2C brands and Swift looks to power that transformation”.
Kiran Vasireddy, Partner, Kalaari Capital, added, “The D2C ecosystem and vertical e-commerce 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 e-commerce players, will be a large opportunity going forward. Swift is building a full stack e-commerce enablement platform that brands, SMEs and e-commerce platforms are finding value in and we are impressed by the team’s vision and execution”
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 per cent CAGR. With the industry at the cusp of monumental growth, Swift is perfectly positioned to help grow India’s internet economy.
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