Social commerce platforms in India have been attracting investor interest due to its potential of targeting 500 million upcoming vernacular language internet users, especially women.
After Meesho, Shop101, and GlowRoad, video only or social plus video commerce platforms like SimSim, EkAnek, BulBul and WMall made debut this year to capture the emerging sector.
Already backed by renowned venture capitals, the four firms continue to raise more venture capital money. As anticipated, WMall is raising $9 million in its Series B round led by Chiratae Venture Partners (formerly IDG) and early-backer SAIF Partners.
According to RoC filings with MCA, the Bengaluru-based startup has approved allotment of 20 equity shares and 6,501 Series B CCPS. These shares are priced at Rs 98,185.04 a piece.
As per the resolution passed in the company’s extraordinary general meeting held on October 25th, Chiratae will pick up 20 equity shares and 3,603 Series B CCPS, SAIF Partners will kitty 1,920 CCPS and VH Capital will be alloted another 968 CCPS.They will be collectively pumping about Rs 64 crore (approximately $9 million) in the company.
Entrackr had exclusively reported about WMall’s Series B round in September, which we said was likely to be closed at about $9 million.
WMall is leveraging a hybrid model amongst the players as mentioned above with a mix of video and text-based social community e-commerce platform. It allows members or potential influencers creating content around various products to lure their target audience.
Unlike other video or live streaming commerce startups, WMall is solely focused on women. The vernacular app deals across categories including clothing, kitchen, beauty, accessories, home decor, and baby products.
The platform also allows users to unlock deals through sharing links across social media platforms – WhatsApp, Facebook, YouTube and Telegram – as one of its marketing strategy.
WMall recently introduced a feature called Shopping Saheli. Through this feature, the influencers can upload videos of the products explaining their use cases. This helps users relate to the influencers better while also understanding how a specific product is used, prompting them to make a purchase.
Last week, SimSim had raised funds in a round led by Accel India and Shunwei Capital. Entrackr had exclusively reported the development.