Indian social commerce startup Mall91 raises $7.5M in Series A round
Category: #retail  By Paroma Bhattacharya  Date: 2019-10-16
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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

 



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Paroma Bhattacharya

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Paroma Bhattacharya

Paroma currently works as a content developer for Algosonline, MSF and a series of alike platforms. Fortified with a post-graduation degree in Journalism and Mass Communication, she delved head long into a writing career, creating resourceful and information enriched ...

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