Shop101 raises $11 million from Kalaari Capital, others

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Shop101 raises $11 million from Kalaari Capital, others

Social commerce platform Shop101 on December 20 said it has raised $11 million from Kalaari Capital and Unilever Ventures. Existing investors, Stellaris Venture Partners, Vy Capital and Ramakant Sharma, co-founder of Livspace also participated in the round.

The latest round of funding comes in less than five months after the company announced it secured $5 million from Stellaris Venture Partners and Vy Capital.

The company will use the capital to strengthen its core leadership and product team, scale the supplier network and enhance the technology platform.

“Our vision at Shop101 is to democratize commerce by empowering existing
entrepreneurs as well as those who want to start a business. We help an

entrepreneur right from setting up a new business to scaling it pan-India with technology and marketing solutions,” said Abhinav Jain founder and chief executive officer of Shop101.

“Through our model, we are creating an alternate distribution channel and reach the next 500 million users with more than 70 percent of our sales coming from smaller towns and cities. We have grown over 50 percent month-on-month over last year and empowered entrepreneurs across the country with reliable and scalable technology, extensive range of products on supply platform, pan-India logistics and payments solutions,” he added.

Shop101 enables reselling from a wide range of supply of products, along with providing a technology platform to set up online stores integrated with a pan-India fulfillment network.

“Social media as commerce platforms have the ability to disrupt traditional e-commerce players by offering personalized shopping experiences. Given India’s diverse population, social commerce will be the next great opportunity to reach new internet consumers,” said Vani Kola, Managing Director, Kalaari Capital.

The Mumbai-based company was founded by IIT Kanpur batch mates Abhinav Jain and Aditya Gupta in 2015.

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

2018-12-22 13:18:46

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

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