ShopG secures $1.5 million funding from Orios VP and RPSG Ventures
ShopG, a social e-commerce platform, has raised $1.5 million (Rs 11 crore) seed round from Orios Venture Partners and RPSG Ventures.
Angel investors like Blackbuck CEO Rajesh Yabaji, former TaxiForSure CEO Raghunandan G, and former Flipkart, Alibaba executive Prasanth Nair, also participated in the funding round.
ShopG will use the funds on expansion, scaling technology, building a supply of small regional brands and creating a suite of D2C branded products.
Commenting on the fundraise, Ankur Arora and Abhishek Mishra, co-founders of ShopG, in a joint statement said: “Next 500 million internet customers from tier 3 and 4 cities of India, who earn an average household income of Rs 25,000-30,000 per month, prefer assisted buying from someone they trust and have low Average Order Values (AOV) of less than Rs 250; making it impossible for existing E-commerce 1.0 players like Amazon and Flipkart to service them with high customer acquisition, and supply chain costs.”
Commenting on the funding, Abhishek Goenka, Head of RPSG Ventures added: “ShopG's business model offers a unique way of servicing the low AOV tier 3 and 4 customers with industry-leading customer acquisition cost and logistics cost.”
Started in November 2019, ShopG is aiming at the next 500 million customers. ShopG was founded by Ankur Arora, Abhishek Mishra, Pranay Suwalka, and Yogesh Nehra.
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