To receive funding of €120,000 and admission to exclusive 3- month accelerator program
Bangalore, April 27, 2018: Discover Dollar, the Bangalore based startup that helps large retailers identify and resolve revenue leakages to the tune of millions of dollars, today announced that it has been selected for this year’s edition of METRO Accelerator for Retail, Berlin powered by TechStars. Founded by Subrahmanya Rao, the company will receive an investment of €120,000 and admission to an exclusive three-month mentorship-driven accelerator program in Berlin. Out of the hundreds of companies that applied to the Accelerator from across the globe, Discover Dollar is amongst the 9 that have been selected.
Subrahmanya Rao, Founder and CEO, Discover Dollar said, “We are thrilled to be a part of this year’s edition of METRO Accelerator for Retail. This is a great recognition and a validation of our business model. We look forward to the 3-month intensive mentorship which will give us a 360-degree view of global retail best-practices and upcoming innovations. We hope to gain immensely from the insights of industry-experts and entrepreneurs, who will mentor us during this period.”
Large retailers typically lose anywhere between 0.5% to 5% of their annual revenues due to errors like unaccounted discounts, pricing errors and unclaimed mark downs leading to a loss of millions of dollars annually. Launched in 2014, Discover Dollar’s solution analyses various data including purchases, sales, promotions, emails, and contracts and helps them identify and resolve these errors with the click of a button. The company is already working with Fortune 500 retailers including Target Corporation in the US and has helped them save multi-million dollars of lost money. Discover Dollar has earlier won “Anthah Prerana” award from TiE Bangalore supported by Govt. of Karnataka and Microsoft. It has also been awarded by SAP globally as the “Most Innovative Solution” in their flagship event SAPPHIRE at Orlando Florida.
Jag Singh, Managing Director, METRO Accelerator said, “Discover Dollar has a very interesting solution that recovers millions every year for large retailers, lost due to unenforced accounting errors. Discover Dollar makes a direct impact to their bottom line by saving money without adding anything to their marketing or sales costs. I’m confident that this solution will be relevant for every large retailer across the globe.”
METRO is a leading international specialist in wholesale and food retail. The company operates in 35 countries and employs more than 150,000 people worldwide. In financial year 2016/17, METRO generated sales of around €37 billion. The company provides custom solutions to meet the regional and international needs of its wholesale and retail customers. With its sales brands METRO/MAKRO Cash & Carry and Real as well as delivery services and digitalization initiatives METRO sets the standards for tomorrow: for customer focus, digital solutions and sustainable business models. More information at www.metroag.de
About METRO Accelerator
Under the umbrella of the METRO Accelerator powered by Techstars, METRO and Techstars, in two programs, help international startup teams in the development of digital solutions. One of the programs focuses on solutions for the hotel, restaurant and catering sector while the second program is aimed at the retail industry. In the framework of the three-month programs organised in Berlin, experienced mentors and experts will in each case help ten selected startups to successfully develop their own business further with regard to customers and investors. The METRO Accelerator powered by Techstars was launched in 2015 with a regularly hosted hospitality program that is unique in the world. More information available at www.metroaccelerator.com
About Discover Dollar:
Discover Dollar is a ‘data-first’ company focused on helping retailers identify and resolve overpayments and revenue leakages arising out of complex deals with suppliers. The company is already working with Fortune 500 retailers and has helped retailers recover multi-million dollars of lost money. The company also won the “Anthah Prerana” award from TiE Bangalore supported by Govt. of Karnataka and Microsoft. SAP called them the “Most Innovative Solution” in their flagship event SAPPHIRE at Orlando Florida. Discover more about DiscoverDollar at www.discoverdollar.com
Techstars is a global ecosystem that empowers entrepreneurs to bring new technologies to market wherever they choose to live. With dozens of mentorship-driven accelerator programs and thousands of startup programs worldwide, Techstars exists to support the world’s most promising entrepreneurs throughout their lifelong journey, from inspiration to IPO. Techstars provides access to tens of thousands of community leaders, founders, mentors, investors and corporate partners, allowing entrepreneurs to accelerate the pace of innovation and Do More Faster™. Techstars supports every stage of the entrepreneurial journey – from the idea to venture capital investments to M&A and IPO. For more information visit www.techstars.com