$500K Funding For CompareRaja and Couponraja Fuels Growth Opportunitiesby Girish Kannan June 18, 2015
It is jubilation time for Mumbai based Logicserve Technologies Pvt Ltd, as the company has raised a funding of $500,000 (Rs. 3 Crores) from a group of angel investors that includes Pallab chatterjee, Managing Director of Symphony Technology group and Mahesh Pratapneni, founder, Medgenome. The company aims to utilize the funds to improve technology assets and accelerate user acquisition for both their properties, CompareRaja and Couponraja.
Speaking about the funding, Rohit Chugh, CEO of CompareRaja and Couponraja, said, “E-Commerce in India is transforming the way we shop. Couponraja and CompareRaja are helping consumers discover deals to save them money and time. Both brands have witnessed exponential growth in the past two years. Mahesh and Pallab’s expertise will help further accelerate this growth and establish our brands as a one-stop savings destination.”
Being one of the leading brands in India offering discount coupons and price comparison services, both the portals receives more than 5 million page visits a month and carries out more than 3000 transactions on a daily basis for brands like Snapdeal, FoodPanda, Paytm, Amazon and Flipkart. The huge influx of the visitors can be attributed to the fact that Company’s service is easily available through website, mobile apps (for iOS, Windows and Android users) and through a browser plugin.
As part of the deal, both the investors will don the role of the company’s board of directors and will work alongside the founders of Logicserve, Prasad Shejale and Rohit Chugh. Logicserve has been operating in the online coupons space since 2008 and it runs a slew of portals overseas, including Gutscheinheute.de in Germany, Big Ticket Shop in the UK, Voucherking in the UK; besides Couponraja in India.
With the funding in, the company has already new plans in place to accelerate their growth. It is planning to scale up the operations before getting the next round of funding. Speaking about the growth plans, Rohit said, “We expect to achieve significant milestones in the next milestone in the next couple of months before we go for our next funding round.”
Rohit and Prasad founded Logicserve in 2007, with operations mainly in the UK market for clients like McAfee, Sky and Ticketmaster. The duo launched CouponRaja in 2012 and currently has a team of 50 working out of their Navi Mumbai office on both the sites.