Pune-based shopping cum price discovery platform Wicfy raises follow-on investment from a group of investors

Pune-based shopping discovery platform Wicfy has secured undisclosed amount of follow-on funding from multiple investors including Ecosystem Ventures in Silicon Valley, Everest Management Fund in Switzerland, and prominent angel groups based out of Singapore and India.

Following the investment, Alexander Fries, president, Ecosystem Ventures, will join the board of the company. The funds would be used for enhancing the platform, product development and for launching mobile app for iOS platform.

Speaking about investment, Arun Purohit, Founder and CEO of Wicfy said, “Having investors from three continents is a blessing. I not only get the perspective from different markets and cultures but also the capital and human resources. In India, we are still early when it comes to the startup ecosystem, hence having capital from Europe and the US, talent from Silicon Valley, and local knowledge, may prove to be the way of creating companies in the future.”

Launched in 2010 by BITS Pilani alumnus Arun Purohit and software specialist Rajeshwari Joshi, Wicfy offers a web-based price comparison and discussion platform for users to share cheap pricing, products and sellers. Wicfy enables users to search for products across various categories in cities like Delhi, Mumbai, Bangalore, Pune and Kolkata.

With offices in Pune and Silicon Valley, Wicfy leverages user-generated content and vendor submitted pricing. When a user submits the price of a product, the WiC system assigns a default reliability value, depending on the credibility of the user.

Last week Delhi-based search engine and price comparison platform Buyt.in had raised $1 million as strategic investment from digital advertising firm ValueFirst. Earlier this month Bangalore based FindYogi secured Rs.55 Lakhs from Raju Vanapala, the founder-CEO of Way2SMS. In January this year Mumbai based price comparison platform for offline retailers Pricebaba raised seed investment from a group of five entrepreneurs cum investors.