Social commerce start-up WMall receives Rs. 64 crore funding
What's the story
WMall, a Bengaluru-based social commerce start-up that sells kitchen items as well as women's beauty products, has raised Rs. 64 crore (approximately $9 million) in a Series B round of funding. The investment was led by giants like Chiratae Ventures (formerly IDG), SAIF Partners, and VH Capital. Here's everything to know about WMall's latest fund-raise.
WMall
First, a bit about WMall and its work
WMall was started by Harmin Shah, Rishabh Verma and Anubhav Singh (Shah and Verma are batchmates from IIT Bombay) in September 2018. The company follows a social plus video model to sell women's beauty products, clothing, home decor accessories, and kitchen items online. It mainly targets women from tier-2 and tier-3 cities and also offers products on social media channels like WhatsApp and YouTube.
Information
Shopping Saheli: WMall app's new feature
Notably, WMall has recently added a new feature, Shopping Saheli, on its platform wherein it has partnered with influencers to record and upload videos of the product, explaining how it is used. WMall app has crossed over 100,000 app installs on Play Store.
Investment
WMall has raised $11 million so far
Prior to this, WMall had received $2 million in a Series A funding round in February this year, which was led by Venture Highway and SAIF Partners. And, with this investment, the total amount raised by the start-up now stands at around $11 million. The company will use the capital to scale up its business and bring more tech to its platform.
Future plans
Social commerce space has attracted a lot of investors
Social commerce start-ups have received a positive response from top-tier VCs and angel investors. Just last week, Delhi-based SimSim raised Rs. 43.39 crore from giants like Accel India and Shunwei Capital. Besides that, other social commerce companies like Meesho, BulBul Shop, and DealShare have also caught the eyes of investors, especially due to their potential to target the upcoming 500 million vernacular language users.