The social commerce platform ‘Shop101’ has reportedly secured an amount of $5 million. The particular funding round was led by Stellaris Venture Partners and along with this saw the participation of investors like Vy Capital, Raghunandan G (TaxiForSure co-founder), and Ramakant Sharma (Livspace co-founder).
The funds raised through the latest round will be utilized in the process of strengthening the company’s core leadership and product team. Also, a part of the funds will be used for boosting up the supplier network and enhance its technology platform.
“We are very excited to partner with Abhinav (Jain), Aditya (Gupta) and their exceptional team in their journey to build India’s first social selling platform,” said Chowdhri.
Founded in 2015 by Abhinav Jain and Aditya Gupta, the Mumbai-based company helps the users to instantly create their own m-commerce store using smartphones. It allows the merchants to sell online and through social media by creating an online store for them.
According to the reports and statement, the online startup claims to have already taken on board 300,000 entrepreneurs and currently has 100,000 applications download on Google Play store.
“We provide the merchants with facilities like inventory management, logistics, payments, order processing, etc. and then can plug the online store with their Facebook and Instagram pages,” said Abhinav Jain, co-founder and chief executive of Shop 101. “We currently have over 3 lakh sellers on our platform,” he added.
It has been estimated that small and medium businesses going online have the potential to boost the country’s growth by 10 percentage points to 46-48% by 2020. And thus, with the expansion and growth of startups these days, the day doesn’t seem to be so far.