Exclusive: Pune based Simplibuy (WiC) secures funding from Silicon Valley’s Ecosystem Ventures
Simplibuy, a Pune based startup has raised funding from Silicon Valley based Ecosystem Ventures. The company flagship product wic (read : WiC answers “Where is Cheapest Price?” using UGC and Vendor data) enables users to search product across various categories in 4 cities including Pune, Bangalore, Delhi, Mumbai and Kolkata.
Based on patented technology of iso-pricing, the startup uses a mix of user generated content and vendor submitted price. When a user submits price of a product, the system assigns a default reliability value, depending on the trustworthiness of submitter.
As people with different trustworthiness validate it as right or wrong, the reliability value keeps increasing or decreasing. Prices of products followed by significant number of people may get verified by WiC content team. Those prices, then will have reliability value of 100% till the expiry date as committed by the seller.
Users can also quote wished price through Simplibuy’s iwant feature. Additionally, merchants can also quote a price for particular product with product’s article/code.
Earlier in May this year Mumbai based Pricebaba launched ‘local price search’ engine that brings the offline retailer price online. Pricebaba collates information from offline retailers and importantly, recommends store across 5 cities on mobile phones and tablet.
Ecosystem Ventures primarily invest in companies during the seed round and work with entrepreneurs to grow their businesses until the first large institutional investment (Series A). The Ecosystem Venture had invested in disruptive companies such as Facebook and Twitter.
An interesting technology that can easily be exported to Silicon Valley, where there is far more chatter around products/pricing. We have reached out to WiC team to understand their plans post funding.