Hyperlocal Service Marketplace HeyBiz Raises Funding From ShopClues

HeyBiz, a shopping assistant app, has raised an undisclosed amount of seed funding from ShopClues. The investment from ShopClues will be used towards enhancing the product further along with expanding its market base in cities across India.

This move comes at the back of ShopClues’s senior executives revealing that the company was looking at investing around $50 million in buying stakes or acquiring startups to accelerate its expansion in the country’s fast faced and ever expanding e-commerce sector.

Earlier, according to a Mint report, ShopClues’ co-founder and CEO, Sanjay Sethi, had revealed that a “high double-digit stake” had been acquired in HeyBiz. This will allow ShopClues to quickly move into the burgeoning hyperlocal space.

HeyBiz was launched in January 2015 by Bhartesh Chibbar and works in the hyperlocal space to connect local customers with local businesses via its Sales-Marketing-Support (SMS) mobile platform.

Talking about the decision to pump capital into the HeyBiz mobile app, Sethi said, “In this digital era, we are glad that someone is there to bridge the chasm between customers and local businesses. In HeyBiz, we saw the potential to become the one-stop platform to mend this gap.”

Delhi-based HeyBiz has officially said that will specifically aim at improving their product offering while seeking new affiliations. Speaking about the same, Chibbar said, “We intend on expanding into newer geographies like Chandigarh, Amritsar, Ludhiana, Lucknow and Jaipur.”