Blitzscale Technology, the parent company of WMall and ShopDeck, has secured Rs 65.2 crore (roughly $7.85 million) in a recent funding round. The firm received new financing after a period of inactivity lasting five years.
The stated sum will be utilized by ShopDeck for the objectives of enhancing growth, expanding operations, implementing marketing strategies, and fulfilling general corporate needs, as mentioned in the filing.
Blitzscale’s board has approved a resolution to offer 4,385 CCPS (compulsorily convertible preference shares) at a price of Rs 1,48,672 apiece, with the goal of raising Rs 65.2 crore.
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ShopDeck assists sellers in establishing their e-commerce store or website, overseeing logistics, payment processing, and other essential aspects of online product sales. In the e-commerce enabling sector, it has competition from Shopify, Magento, and WooCommerce. Shiprocket and Shipway are its rivals in the shipping and marketing sectors.
Elevation Capital now holds the largest interest in the company, accounting for 19.3% of the total shares. Chiratae Ventures follows closely behind with a stake of 16.34%. Harmin Shah and Rishabh Verma, the co-founders, together possess a 43% ownership interest in the company.
About ShopDeck
Founded in 2022 by Harmin Shah and Rishabh Verma, ShopDeck makes D2C-commerce as easy as selling on these marketplaces. It helps sellers with their storefront, pricing, shipping, and marketing with 1 single goal – net profitability.
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