Mumbai-based social commerce startup Shop101has announced that it has actually raised $5 million in Series-A financing from Bengaluru-based VC company Stellaris Venture Partners (SVP). The funding also saw involvement from Zomato investor Vy Capital, and angel financiers Raghunandan G (TaxiForSure co-founder) and Ramakant Sharma (Livspace co-founder).
A press release from the business specifies that it will use the capital to strengthen its core management and product group, scale the supplier network and boost the innovation platform.Founded by IIT Kanpur alumni Abhinav Jain and Aditya Gupta in 2015, the platform helps build companies utilizing social media. It enables business owners to offer online and on social media with zero investment by offering an online store in less than 2 minutes.Shop101's target consumer base includes established merchants, housewives,
and college students.Once you register with Shop101, you can install your own products or resell from the variety of items available
on Shop101's supply platform. It intends to democratise ecommerce by empowering entrepreneurs to introduce their own online store as well as sell on WhatsApp, Facebook, Instagram and other social channels with a couple of clicks. They can obtain supply directly from producers and brands.Fast development Shop101 declares to have grown 25-30 percent month on month over the last few years. Founder-CEO Abhinav Jain says that they have empowered more than 3 lakh entrepreneurs across the nation with reliable and scalable innovation, substantial series of items on supply platform, pan-India logistics and payment options."With an extreme focus on innovation and supported by an extraordinary team, we have been able to develop an extremely high-quality platform that can help business owners earn far more along with conserve money by running at actually low expenses,"says Abhinav in the press statement.Asked about the interest
in Shop101's business design, Rahul Chowdhri, Partner at SVP, told YourStory that there is a clear pattern of offering on social media through Facebook and Instagram. He included, If Twenty Years earlier, homemakers were offering items by doing exhibits within their neighborhood, today they are doing it on WhatsApp groups. These platforms are not designed for commerce. You require to take care of payments, CoD, carrier, excellent quality supply etc. This is where Shop101 comes in.Rahul thinks that the curation and trust acquired from these
sellers increases the uptake of this model." It allows countless individuals to earn by means of small companies in a B2B2C model."Rahul has actually joined the board of Shop101 now.