A customer-to-customer reseller network, GlowRoad has raised $2 million in series A funding from Accel Partners.
According to ETtech report, investors feel that GlowRoad can become large enough to become a significant player in the e-commerce market. Commenting on the development, Prashanth Praskash, partner at Accel India said, “India has a large percentage of women who want flexibility and aspire to be self-employed. On the supply side, we lack organized efficient distribution platforms that can tap this unique cost-effective network.”
The startup plans to use funds to scale up and enhance its technology.
The year-old startup, was founded by a bunch of IITians and IIM grads before being acqui-hired two months back by Dr. Sonal Verma. Formerly known as LocalQueen.com, GlowRoad empowers women by helping them earn from home in a secure system with zero investment, while manufacturers and suppliers get a national sales network virtually free.
GlowRoad operates in the customer-to-customer (C2C) segment that builds a network among women, mainly housewives, who can sell products sitting at home to their neighborhood residential colonies and among their friends and family networks via online or offline modes.
According to Verma, the startup currently has 1,00,000 registered members, out of which 36,000 are active women resellers.
“GlowRoad is the first startup to get VC funds in C2C space in India. As consumers become more internet aware even in tier-II and tier-III cities, C2C is going to become a popular way of doing business,“ told Shekhar Sahu, board advisor, GlowRoad.com to ETtech.