Snapcart, a consumer spending analytics startup, has raised $10 million capital in a Series A funding round to take itself beyond its current focus on Indonesia and Philippines and into other frontier markets where the long tail of retail is neigh-on-impossible to track in detail. The two-year-old startup is making progress by shining light on the black box that is consumer spending in emerging markets. Rather than relying on traditional techniques like door-stepping people at home, in-store surveys or cold calling, the startup builds a database by encouraging consumers to upload their receipts to its app in exchange for the incentive of cash back.
Reynazran Royono, CEO of Snapcart, said that “You can extract information, that’s quite standard, but when you extract the receipt you need to ensure you have the right fields to extract information and turn it into insights. The description of products differs from retailer to retailer, for example, so we need tech to decipher what is written on the receipt”. However, Royono was also skeptical. He commented that “We’re the newcomer trying to change the game, the risk is when we expand to a lot of countries. If all the countries we operate in require a long time to do scales cycle (it is typically four to six months) then we have the risk of not being able to deliver on the cost”.