Indian social commerce startup Mall91 raises $7.5M in Series A round
Category: #retail  By Pankaj Singh  Date: 2019-10-16
  • share
  • Twitter
  • Facebook
  • LinkedIn

Indian social commerce startup Mall91 raises $7.5M in Series A round
  • Mall91 reportedly plans on using the acquired funds for product development, boosting hiring and driving supply chain efforts, and realizing its global expansion ambitions.
  • The startup, which currently operates in over 2000 cities in India, managed to raise its seed funding in December 2018.

Mall91, a social commerce startup for vernacular users, recently declared it has managed to raise $7.5 million in its Series A funding round which was led by Go-Ventures.

Mall91, which is operated by Rovi91 Innovations Pvt Ltd, mentioned in a statement that venture capital firms Beenext, AngelList India and Kalaari Capital had also participated in the funding round.

For the record, Mall91 currently operates in more than 2000 cities and its social commerce platform offers gaming, chat, video and social shopping features to its users. The brand is apparently targeting the next 400 million vernacular users based in Tier 2, 3 and 4 cities across India.

Sources aware of the development stated that the Nitin Raj Gupta group will use the acquired funds for international expansion, product development, and hiring and propelling its supply chain capabilities.

Aditya Kumar, VP of investments at Go-Ventures, stated that Mall91’s vision and strategy can be effective in emerging markets around the world and the company looks forward to helping the company achieve global expansion.

There is a massive untapped aspirational from India’s rural population that is not yet captured online, noted Darshit Vora, principle at Kalaari Capital, adding that leveraging its unique market insights, strategy and approach, Mall91 has witnessed rapid adoption by users and has established a strong base to help it scale substantially in the coming years to become India’s largest one stop online destination.

Other notable deals in the social commerce segment

DealShare, a local social commerce startup that focuses on the grocery segment, evidently revealed last week that it has raised $11 million in a Series A funding round which was co-led by American venture capital firms Falcon Edge and Matric Partners.

Meesho, the Bengaluru- and California-based online reseller platform had reportedly announced in August that it raised $125 million in a funding round led by South African investor and tech conglomerate Naspers.

Source Credits - https://www.vccircle.com/go-ventures-leads-series-a-funding-in-social-commerce-platform-mall91

 



About Author

Pankaj Singh

Email: [email protected]   

Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

Read More

More News By Pankaj Singh

Appili gets FDA approval to expand the clinical trial of favipiravir
Appili gets FDA approval to expand the clinical trial of favipiravir
By Pankaj Singh

Biopharmaceutical major, Appili Therapeutics Inc., has reportedly announced that it has received the approval of the U.S. Food and Drug Administration (FDA) over its recently filed investigational new drug application ...

Saudi begins Phase III clinical trials of Chinese COVID-19 vaccine
Saudi begins Phase III clinical trials of Chinese COVID-19 vaccine
By Pankaj Singh

The Ministry of Health, Saudi Arabia, has reportedly announced that it will begin the third phase of clinical trials for a COVID-19 vaccine, as part of its cooperation with China’s CanSino Biologics Inc. The tria...

Amazon cleared by UK regulators to buy 16% stake in Deliveroo
Amazon cleared by UK regulators to buy 16% stake in Deliveroo
By Pankaj Singh

The eCommerce giant Amazon has been granted permission to purchase a minority stake in the U.K-based food delivery start-up Deliveroo. The firm was able to convince regulators that the deal would not be detrimental to ...