We see immense potential in an app like Niffler that optimises the mobile platform to influence sale at offline stores, said SAIF Partners.
SAIF Partners, a leading venture capital firm with over $4 billion under management, announced a seed investment of $1 million in Mumbai-based startup Niffler. The mobile-first venture helps users discover deals and discounts from brick and mortar stores. The freshly infused capital will be used towards expansion and diversification.
Mukul Singhal, Principal, SAIF Partners said, "We see immense potential in an app like Niffler that optimises the mobile platform to influence sale at offline stores. Their aim is to build the mobile-powered information superhighway, connecting brick and mortar stores with consumers. There has been a significant uptick in appetite for businesses that connect offline businesses to consumers via mobile and we are certain that Niffler will scale tremendously in the days ahead."
Niffler is a brain child of 3 IITians - Edul Patel, Prince Arora and Viraj Shah. The Niffler app is a one-stop destination to find deals from offline merchants across categories including food and drinks, spas and salons, apparel and home décor. It has 3,000+ active offers listed across 15,000+ stores. The team has also partnered with big brands like McDonald's, Ammi's Biryani, Birdys, Cafe Moshes and Four Fountains De-Stress Spa to provide exclusive offers for Niffler users. At present, there are 300 outlets in Mumbai that offer Niffler-exclusive discounts and the number is rising exponentially.
Viraj Shah, Co-founder, Niffler said, "We have experienced huge traction since our inception in 2014 with over 30,000 users and presence in the top 5 cities of the country i.e. Mumbai, Pune, NCR, Bangalore and Hyderabad. The seed funding from SAIF Partners not only bolsters our business confidence but will also enable us to drive more innovation through technology-based investments."
The app provides a highly personalised experience where users are notified of new offers from their favourite brands as soon as they go live. It learns from a user's habits and serves up curated deals based on items that a user likes. When users are near a great deal or have just walked into a mall, the best deals available for them magically pop up on their phones. Over 600 brands - including perennial favourites like Zara, Forever 21, and Shoppers Stop - have had their 'End of Season Sales' featured on Niffler.
For merchants, Niffler drives footfalls to their stores by enabling them to connect with customers and push relevant information at moments when it matters most. The app is currently available for Android on Google Play and is going to be launched soon on the iOS platform.