Today Accentium Web, which runs PriceBag.com announced that it had raised $2 million in angel funding from undisclosed angel investors. The money will be used mainly in product development and marketing.
Commenting on the fund raise, Director Vivek Pahwa said, "E-Commerce is on a hockey stick growth path. Those companies which help enable shoppers to shop online should also witness high growth. Product Discovery & Price Comparison is one such category and we want to ramp up our product development and marketing quickly, and we need more funds to do so. We realize that we're not the only people in this space or the ones ahead in terms of product set, but by prioritizing the right things and ramping up product development, we hope to be one of the leaders in this space in 12 months."
PriceBag.com already has the major electronic categories on it's site including Mobiles, Tablets, Laptops and Cameras. PriceBag plans to expand into all e-Commerce categories by the end of the year. It already has a fantastic mobile presence and a very easy and detailed interface for the current categories, and expansion is just a matter of adding the correct data for the other categories.
The focus on the product side, along with adding new categories, would be to ramp up the social integration on the site, including more emphasis on user reviews and social profiles. PriceBag believes in looking at everything from a user perspective and the management believes that sites that focus on the user first will do better in the long run.
The funds raised will also be used to expand its other products, 99Cars.com and SecondShaadi.com. In the future, the company may look to raise more money to invest in these fast growing sectors.
About Accentium Web
Accentium is a user focused consumer internet company, based in Gurgaon. Accentium also runs SecondShaadi.com, india's leading matrimonial site for second marriages, and 99Cars.com, a user focused automobile content portal.