D2C Enabler BiteSpeed Raises $1.9 Mn In Funding
BiteSpeed, a Delhi NCR-based SaaS startup, has raised $1.9 Mn in a seed funding round led by Sequoia India’s Surge. The funding round also saw participation from First Cheque, Whiteboard Capital and angels, including CRED founder Kunal Shah and Teachable founder Ankur Nagpal.
As per the startup, the raised funds will be used to hire across tech, marketing and product teams as well as expand the startup’s presence in the US, Europe and Latin America.
BiteSpeed | Enabling Chat-based Commerce For E-commerce Brands
Founded by Vinayak Aggarwal in 2019, BiteSpeed is a SaaS startup helping D2C brands to interact with their customers and sell their products on messaging apps such as WhatsApp and Facebook Messenger using chat as a core communication channel.
The Delhi NCR-based SaaS startup operates on a freemium SaaS business model. It relies on self-service product-led growth to sell to small and medium eCommerce businesses globally.
BiteSpeed helps eCommerce brands upgrade their marketing strategy through its conversational commerce platform on Shopify. The Delhi NCR-based SaaS startup is used by 1500+ Shopify brands such as Azani, Dot&Key, Traya, among others in 50+ countries around the world.
Offering scale-up support and capital to founders, BiteSpeed was also a part of Sequoia’s Surge’s 06 Cohort, which kick-started on January 27.
In the year 2021, D2C startups raised $1.81 Bn across 174 deals, the highest among all eCommerce segments. More than 16 D2C brands in India have an annual turnover of more than $60 million. Last week, global lifestyle direct-to-consumer (D2C) brand DailyObjects raised $2 million in funding from early-stage venture capital firm Roots Ventures.
Also, Chennai-based D2C baby care startup Baby Amore raised undisclosed external funding from GetVantage. D2C tea brand Esah Tea raised Rs 3 crore (around $400,000) in a pre-series A funding round from NEDFI Venture Capital Ltd.
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