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Tech co Synup raises $6mn in Series A round

Synup plans to utilise the fresh funds to strengthen its technology platform to cater to a larger chunk of merchants and expand to newer geographies.

, ET Bureau|
Updated: Sep 25, 2017, 08.50 AM IST
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Synup plans to utilise the fresh funds to strengthen its technology platform to cater to a larger chunk of merchants and expand to newer geographies.
Synup plans to utilise the fresh funds to strengthen its technology platform to cater to a larger chunk of merchants and expand to newer geographies.
MUMBAI: Technology startup Synup, which helps local and small businesses manage their online presence, has raised $6 million (Rs 40 crore) in Series-A round of funding, led by Vertex Ventures. The round also saw the participation of its existing investor Prime Venture Partners.

Synup plans to utilise the fresh funds to strengthen its technology platform to cater to a larger chunk of merchants and expand to newer geographies. The company, which operates out of Bengaluru, caters to merchants currently in the US, but has plans to start operations in Western Europe and the UK as well. "We have 50,000 merchants signed up on our platform using our services pre sently . We have to increase it to 5 lakh over the next three years. We are already working with 50 major online platforms like Google, Facebook, Yelp, Apple, Yellow Pages," said Ashwin Ramesh, founder of Synup.

Ramesh had started his first venture in 2005 when he was in class 9. Having managed that business for eight years he found a potential market in the online listing business for small merchants who find it difficult to manage their presence across so many websites like Google, Yellow Pages and others at the same time.

He started Synup in 2014 with seed investment of Rs 3 crore from Prime Ventures. "Our SaaS-based solution helps them update their information in real time across platforms which saves them cost and increases efficiency," said Ramesh. "We usually have an annual contract with these merchants for which we charge them $360 for each store location."

Additionally, Synup maintains these merchant profiles, tracks user reviews, of fers hyper local marke ting solutions and offers rankings based on analysis of diffe rent search eng ines. Ramesh is waiting for the Indian online listing market to mature for him to start opera tions here.

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