Digital grocery coupon platform raises $500K in second round of funding
Clip the Deal, a Dubai-based digital grocery coupon platform, raised $500,000 in their second round of funding, led by Dubai-based investor Neelesh Bhatnagar from NB Ventures. Others who participated in the round included Dubai Silicon Oasis Authority, seed investors in Clip the Deal in 2016 and a prominent angel investor from the region.
The announcement came at the Entrepreneur Day event held in DTEC, Dubai Silicon Oasis. Clip the Deal, started by Padam Chhabra and Manik Gupta in 2016, was the ‘Startup of the Year’ at the same event in 2016. Since then, it has been growing to cover 60 percent of the UAE grocery retail market with their digital coupons while adding top brands from Unilever, Nestle, PepsiCo, Mars Wrigley, Aujan Coca Cola, Weetabix among others to the platform.
The company will use the funds to expand into new markets and categories, invest in technology, and to hire top talent to drive business growth.
Padam Chhabra, CEO & cofounder of Clip the Deal, said, “We are extremely pleased to welcome NB Ventures as an investor and Neelesh Bhatnagar on our board of directors. As one of the pioneers of the Middle East’s Retail industry, we look to Bhatnagar for mentorship and guidance as we expand in the region. We see tremendous growth opportunity as we look to change the way consumers approach the $150 billion grocery retail in GCC alone. Our customer base of over 70,000 users and the 50 percent m-o-m transactional growth through 2017 is testament to the robustness of our technology, platform and offering.”
Neelesh Bhatnagar, owner of NB Ventures and a strategic investor, said: “We see tremendous recurring need for discounts and coupons for the value conscious customer and ‘Clip the Deal’ caters to that need with a very strong and easy-to-use platform. We have not just invested but are already blueprinting the expansion of Clip the Deal with the team and leveraging our deep retail experience and three decade old network of business contacts.”
NB Ventures has previously invested in HealthifyMe, LetsTransport and Qriyo covering HealthTech, Transportation, EduTech sectors and now has entered Retail space with Clip the Deal.