Social commerce start-up Wmall raises Rs 64 crore
Bengaluru-based social commerce start-up Wmall has raised around Rs 64 crore ($8.9 million) in Series B round of funding from Chiratae Venture Partners (formerly IDG), SAIF Partners, and VH Capital.
Wmall had earlier raised around $2 million in its series A round from Venture Highway and SAIF Partners. It will be using the funds to strengthen its presence and expansion of product portfolio.
The start-up already has a strong presence in tier 2, 3 cities and focuses on categories including beauty, clothing, accessories, and beauty products.
The fresh capital infusion is expected to help Wmall widen its customer base across India.
“We have issued 20 equity shares and 6,501 Series B Compulsorily Convertible Preference Shares (Series B CCPS) both for Rs 98,185.04 per share to Chiratae, SAIF, and VH Capital, thus aggregating a total amount to Rs 640,264,645.84,” Wmall said in its filings with RoC.
WMall was founded by Harmin Shah, Rishabh Verma, and Anubhav Singh in 2018 and competes with start-ups like Meesho, GlowRoad, Shop101, SimSim among many others.
With a slowdown in the e-commerce and retail sector, the social commerce segment is witnessing strong growth which is why investors see huge potential in this segment.
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