Shop101 raises $11 million, to use funds to strengthen leadership, technology
Social e-commerce start-up Shop101 has raised $11 million (approx Rs 77 crore) from Kalaari Capital, Unilever Ventures and its existing investors like Stellaris Venture Partners, Vy Capital, and Ramakant Sharma.
Shop101 will utilise the funds to strengthen its leadership and product teams. It will also invest a significant amount to enhance its technology and scale up its supplier network. The company earlier this year had secured $5 million from Stellaris Venture Partners and Vy Capital.
“Our vision at Shop101 is to democratize commerce by empowering existing entrepreneurs as well as those who want to start a business. Through our model, we are creating an alternate distribution channel and reach the next 500 million users with more than 70 percent of our sales coming from smaller towns and cities. We have grown over 50 percent month-on-month over last year and empowered entrepreneurs across the country," in a statement said Abhinav Jain founder and chief executive officer of Shop101.
Vani Kola, Managing Director, Kalaari Capital, added, “Social media as commerce platforms have the ability to disrupt traditional e-commerce players by offering personalized shopping experiences. Given India's diverse population, social commerce will be the next great opportunity to reach new internet consumers,” said.
The Mumbai-based company was founded by Abhinav Jain and Aditya Gupta in 2015. It helps small merchants sell to customers on social media platforms and helps them set up online stores. It also has a marketplace that helps small sellers procure from distributors and manufacturers.
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