Coutloot raises $8 million in a funding round from Ameba Capital, others
Mumbai-based social e-commerce start-up Coutloot has raised $8 million (Rs 58 crore) in a pre-series funding round led by venture capital firm, Ameba Capital.
SOSV, 9Unicorns, Astarc Ventures, as well as existing investor, Venture Catalysts, also participated in the funding round.
Coutloot will utilise the funds to expand its services for retailers, scaling its B2B supply chain, and stepping up hiring activities across verticals, including tech, marketing, and leadership roles.
Commenting on the investment in Coutloot, Kevin Wang, managing partner at Ameba Capital, in a statement said: “Coutloot has best addressed the needs from the rising consumption of 500 million-plus tier 2, 3 Indian population, by converging online and offline retail. The incoming fast 4G mobile rollout in the country will land successes like what's happened in China, like Taobao, Tmall, and Pinduoduo or even Tiktok creating conversational social commerce supported in India's local languages.”
Jasmeet Thind, co-founder and CEO at Coutloot, added: “Coutloot helps sellers and buyers with that power to decide the prices after a bargain on the chat. We are trying to create Coutloot as India's Taobao, which is one of fascinating the e-commerce success stories around the world.”
Founded by Jasmeet Thind and Mahima Kaul, Coutloot claims that its platform provides business opportunities to over 500,000 offline retailers, mom-and-pop stores, home sellers, and street hawkers.
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