Sminq- a Queue Management App secured seed funding of $1 million led by venture funds Saama Capital and Blume Ventures with participation from angel investor Vaibhav Domkundwar of micro-venture firm Better Inc. Suresh Shanmugham, (M.D., Saama Capital) will be joining the board following this investment.
Launched in July 2015, startup aims to solve problems of queue waiting. The team behind this is the one that lauched food delivery startup TastyKhana some time ago. Talking about it’s customers, it consists of clinics in Pune and 40+ paying doctors.
Shachin Bharadwaj, Co-founder & CEO said, “We have been in the market for close to a year now, and see a very good product market fit for Sminq. We are already generating revenues and have seen great traction when it comes to user engagement with the app. We plan to use the funds to get more services on Sminq and also improve our technology offering”.
The app on user’s mobile works as a medium to provide information about real time queue information, eliminating the hold your spot conditions. The ultimate motto is to bring up a search engine that would tell you the availability and book appointments across various businesses.It has proven the idea in medical consulting space eliminating the need of physical presence to wait for your turn. Expansion to other sectors can open wide paths of opportunities for both side parties. Vaibhav Domkundwar, an early backer and strategic investor stated this idea will fundamentally change the way we consume local services.
A minimal fee is charged to doctors to register and list them on the app. Recently Sminq introduced the option to pre-pay consultation and other fees through the app. Within the first five days of rolling out this feature, it generated payments worth Rs 35,000.
Sanjay Nath from Blume Ventures said, “Sminq’s technology solves a very fundamental problem – saving time and thus making people more efficient. The inefficiencies and hassles of “waiting and hoping” are particularly acute in India, but the market opportunity is global.”