Online price comparison and product discovery portal, YouTellMe.com, has raised about $100K from a Dutch early stage investment firm Bright Ventures. The portal is owned by Mumbai based YouTellMe Media Pvt. Ltd.
YouTellMe.com helps users to compare prices of products from multiple online stores in a high number of categories like mobile phones, electronics, home and kitchen, fashion and health and beauty for users to discover new products. In addition to price comparison and discovery the site also works as a recommendation tool and review platform where users can rate and review products and online stores and help fellow shoppers make informed online buying decisions.
"Over the last year, our team has been working hard to build a smart and scalable platform that is now ready for rapid growth. A great timing for us, because the Internet penetration in India is already showing tremendous growth that is expected to make India the world's second largest Internet using population by the end of 2015, and we are at the beginning of an explosion of the e-commerce industry in India at this stage," said Shailendra Dave, Co- Founder & CEO of YouTellMe.
When asked about why launch another price comparison site in India when there are already some other players in the market, Shailendra Dave said, "The Indian e-commerce market is expected to grow at a rapid pace in the next 5 years and is estimated to be a $50-70 billion industry by the year 2019. So we are actually still very early in the market. The fact that similar players in this market have raised investments between $1-5 million in funding only confirms the belief in the online comparison market in India. We think we will have a better way to compare products and list prices to provide consumers with more accurate information and a better online shopping experience."
YouTellMe's goal is to become a one stop shop for online shoppers where they can discover new products and find the best prices and deals on products.
Shailendra also disclosed that the company is aiming to raise additional funding from investors to support their growth strategy. "Since our launch we have seen great traction and interest from online users. This has only strengthened our confidence in becoming one of the leading price comparison sites in India in the next 2-3 years. We are currently further optimising the platform and hiring talent to join our team to help us achieve this goal."