Mumbai based Shop101, a social commerce platform that enables entrepreneurs to sell on WhatsApp, Facebook & Instagram with zero investment, has raised Rs 80 crore (~ US$ 11 million) in Series B funding from Kalaari Capital and Unilever Ventures.
Existing investors, Stellaris Venture Partners, Vy Capital, and Livspace cofounder Ramakant Sharma also participated in the round.
The fresh funding comes in less than five months after the startup had raised $5 million in Series A round led by Stellaris Venture Partners and Vy Capital. To date, Shop101 has raised a total of $5.2 millioon in funding over two rounds including this one.
The startup will use the fresh funds to strengthen its core leadership and product team, scale the supplier network and enhance the technology platform, Abhinav Jain, Founder & CEO, Shop101.
Notably, just last month an another “Whatsapp/Facebook” based social commerce platform called ‘Meesho’ had raised $50 million in a Series C funding round from Shunwei Capital, DST Partners and RPS Ventures. Backed by Sequoia Capital, Meesho has raised a total of about $65 million in fundings and out of this $61.5 million have been raised in this year alone.
Shop101 enables reselling from a wide range of supply of products along with providing a technology platform to setup online stores integrated with a pan-India fulfillment network.
Founded in 2015, by IIT Kanpur alumni Abhinav Jain and Aditya Gupta, Shop101 helps small merchants sell to customers on social media platforms including WhatsApp, Facebook and Instagram. It has an online store with an inbuilt order-processing system. It also has a marketplace that helps small sellers procure supplies from distributors and manufacturers at the best price, further enabling micro-entrepreneurship.
“Social media as commerce platforms have the ability to disrupt traditional e-commerce players by offering personalised shopping experiences. Given India’s diverse population, social commerce will be the next great opportunity to reach new internet consumers,” said Vani Kola, managing director of Kalaari Capital.
“The Social Selling platform is tapping the large Indian e-commerce market potential beyond Metro cities. The model and unique technology empowers individuals across the country to become entrepreneurs. We believe Shop101 is well placed to grow this market” said Pawan Chaturvedi, Investment Director, Unilever Ventures.
[Top Image – Entrackr.com]
Source – Economic Times – ETTech