MySmartPrice is a price comparison and product discovery platform that helps users make the right shopping decision by giving them real-time information about product pricing and nearby availability. MySmartPrice also provides users with deals and coupons, making your online shopping more rewarding. It is a Hyderabad based company founded in 2010.
The objective of MySmartPrice:
MySmartPrice was launched with an objective to simplify people’s decision-making by creating a platform that allows anyone to compare prices across multiple online stores like Flipkart, Amazon, and Snapdeal and offline ones like Croma and Bajaj Electronics.This way people can find the best price or choose the closest store, all on a single window.
MySmartPrice is a platform which lets you discover the best products across a wide array of categories that include Mobiles, Electronics, Computers, Fashion and Lifestyle, Cameras, Books, Appliances and Personal Care.
Founder of MySmartPrice:
MySmartPrice was founded by Sulakshan Kumar and Sitakanta Ray.
Sitakanta Ray: Sitakanta is an alumnus of IIM Bangalore, with seven years of work experience with Oracle and ICICI Bank.
Sulakshan Kumar: Sulakshan is an alumnus of NIT, Rourkela, who had worked with Sitakanta at Oracle. He had earlier worked at Infosys.
MySmartPrice is inspired from Shopping.com. The US-based company, now part of the eBay Commerce Network, pioneered online comparison shopping over a decade ago.
MySmartPrice hosted two rounds of funding so far.
Series A: First round held in Jan 2014 the company raised 1 million Dollars from Helion Venture Partners, Accel Partners.
Series B: Second round held in July 2015 MySmartPrice raised 10 million Dollars from their existing set of investor Helion Venture Partners, Accel Partners.
Business Model of MySmartPrice:
MySmartPrice Platform allows users peep into the best products ranging from mobiles, electronics, computers, fashion and lifestyle, cameras, books, appliances and personal care. Its price comparison engine enables users to find the best price, deals and offers from major e-commerce stores. It allows users to access 10 million products from more than 100 online and offline stores. It also provides coupons, offers, free gifts without hiding information.
Revenue Model of MySmartPrice:
MySmartPrice’s gets paid for every successful transaction done through the site. The company has partnered with many online and offline stores and charges commission for lead generation. With conversion rate going up, revenues are also increasing. It has seen an enormous growth in enquiries and conversion rates over the last few years.
In India, MySmartPrice is competing with the number of websites like Junglee (owned by Amazon), Pricejugaad, Compareraja, BuySmaart, Shop Pirate, Buyhatke, Smartprix, Pricedekho among others. But the most prominent competitor is Junglee.com which has almost same offering.
As of now, the site is offering information on books from 9 different websites, electronics from 20 different websites and fashion from 11 different websites.