Coutloot, an offline to online (O2O) social commerce platform, has raised $8 million in a pre-series round led by venture capital firm Ameba Capital. SOSV, 9Unicorns, Astarc Ventures also participated in the round, including existing investor Venture Catalysts.
Coutloot plans to use the funds for launching more services for retailers, scaling its B2B supply chain, and stepping up hiring activities across verticals, said the company in a press release.
Founded by Jasmeet Thind and Mahima Kaul, Coutloot allows buyers and sellers to bargain while shopping. It helps sellers list non-MRP (non-fixed-price), unbranded local market products across fashion, electronics, home decor, sports and other boxed categories.
The startup claims to provide business opportunities to over 500,000 offline retailers, mom-and-pop stores, home sellers, and street hawkers and has over 20 million listings on its app.
Led by Jasmeet Thind, Coutloot is trying to replicate Taobao’s success in India by providing sellers with its supply-chain support, automatic cataloging, and payments solutions.
According to the company, it has grown 11 times during the pandemic and has been growing at a CAGR of 300% over the last three years. It further looks to clock a platform GMV of Rs 1,000 crore in 2022.