Women-centric digital community platform POPxo has raised Rs 37 crore in a round led by Chinese Mobile company Oppo and South Korea’s Neoplux.
In the latest round, the Delhi-based startup also saw participation from existing investors including IDG Ventures India, Kalaari Capital, Japanese firm GREE Ventures, and Philippines-based Summit Media.
This is the first bet for mobile brand Oppo on any Indian startup. The proceeds will be deployed towards product development and to increase POPxo’s footprint in the vernacular market.
Besides, the company also plans to focus on enabling content commerce, where users will be able to purchase products via the portal. It will be an addition to company’s existing monetisation plans, reports ET.
POPxo was floated by Priyanka Gill and Namrata Bostrom in 2014. It now claims to have 14.3 million monthly users and said that 82 per cent of its users are female in the 18-35 age bracket. Over 70 per cent of POPxo traffic comes from outside the top five metros in India.
The company targets women in age bracket 18-35 and claims to be a one-stop inspirational shop for all kinds of fashionable things. It also creates stories, videos and social media content about fashion, and other things which important from a female perspective.
Beside a huge fan following on social media such as Facebook, Instagram, and YouTube, POPxo also engages its users through the mobile apps (iOS and Android), where users post queries and create a community for like-minded girls.
POPxo has partnered with over 250 consumer brands such as Hindustan Unilever, Puma, Whisper, Tanishq, OPPO, L’Oreal, Reliance, and Amazon through native advertising and large-scale influencer activations.
The last financing round for POPxo happened in April 2017, when it raised $3.1 million led by IDG Ventures India and Kalaari Capital. GREE Ventures, Summit Media, and others also participated in the round.
Earlier, the startup had raised Rs 3 crore from Rajan Anandan, CaratLane’s Mithun Sancheti (via Chennai Angels), and others. It also raised an additional $2 million from IDG Ventures and Kalaari Capital in November 2015.
POPxo has competition with players such as MissMalini and Femina which caters the same segment.