Shop101 to raise $12 million, plans to expand beauty category
Social e-commerce start-up Shop101 is in talks to raise around $10-12 million (Rs 70 to 83 crore) from the venture capital arm of consumer goods giant Unilever, home-grown investor Kalaari Capital and other investors.
Shop101 will utilise the funds to expand into new categories such as beauty and personal care. It is also looking to enhance its technology.
The company’s existing investors like Stellaris Venture Partners and Vy Capital will also participate in the latest funding on a pro-rata basis. Shop101 has plans to raise more capital in the first half of 2019, the Economic Times reported citing sources.
“Social commerce is the next frontier for buying and selling online, especially as internet penetration in smaller towns and cities increase. Shop101 has a first-mover advantage and has built a seamless product, which has led to its exponential traction among micro-entrepreneurs without spending much on marketing,” an anonymous source told ET.
Shop101 helps small merchants sell to customers on social media platforms and helps them set up online stores with inbuilt order processing systems. It also has a marketplace that helps small sellers procure from distributors and manufacturers.
Copyright © 2021 FashionNetwork.com All rights reserved.