PayMango, a hyperlocal mobile marketplace, has raised between Rs 1-1.5 crore in seed funding.
Unlike other players in the hyperlocal mobile commerce space which are taking a vertical specific approach (such as Grofers and Peppertap in the grocery delivery space), PayMango will aggregate products from across all categories.
The service helps consumers discover and buy locally with the same ease as shopping on e-commerce while helping businesses manage their inventories more smartly.
PayMango hasn’t opted for a catalog system of listing products similar to what e-commerce players do. Instead, it’s trying to make the buying experience and interaction no more complex than using Facebook or WhatsApp.
The company plans to use the funding to on board more merchants in the Gurgaon area and for the development of its app that will roll out as a Beta version by the end of the month. PayMango plans to drive revenues primarily through lead generation for local businesses.
The startup believes that the current scope of mobile commerce in the local retail sector is worth $16bn and will grow upwards of $80bn by 2020. Hyperlocal m-commerce has the ability to drastically cut the time it takes for a product to reach the customer’s doorstep.