Over in Bangalore, we haven’t heard that much, but that doesn’t mean the city isn’t churning out interesting startups. FindYogi, a product search engine dedicated to comparing prices for consumer electronics, just raised Rs. 55 Lakhs ($92,000) to upgrade its technology and focus on its data team.
According to FindYogi founder and CEO Naman Sarawagi, the company wants to solve a problem that many Indian consumers face:
With FindYogi we are looking to reduce buyer’s remorse amongst Indian consumers by helping them make better buying decision. A bad purchase decision is not only painful for the consumer but also bad for the industry in the long run. We still have a long way to go in terms of product and reach before we can claim that we have solved the problem successfully.
The site started in October 2012, and basically collects data on products like laptops, cameras and other electronics. It then uses its own algorithms to score the products based on features and then compares the gadgets to other alternatives on the market. FindYogi also gives the links to purchase that items on lots of top Indian e-commerce sites. This allows the consumer to pick and choose which electronics suit their needs and have the best price. A pretty useful tool for avid online shoppers.
The funding comes from Raju Vanapala, founder and CEO of Way2SMS, a free group SMS service that got acquired May last year. Raju believes that e-commerce has a bright future in India and services like FindYogi are essential to growing the pot.
As we saw in our list of eight useful shopping search engines in India, price comparison sites are big business in the country right now.