WMall in talks to raise $10m from Chiratae Venture and SAIF Partners
The investment comes roughly six months after the startup closed a $1.8 million funding round from Venture Highway and SAIF Partners.
The investment comes roughly six months after the startup closed a $1.8 million funding round from Venture Highway and SAIF Partners, and indicates continued investor interest in backing businesses that cater to the next 500 million internet users in the country.
ET first reported about WMall’s financing round in June. Four-month-old WMall is building aplatform aimed at new-to-internet women users. The company's flagship product is community shopping, where some of WMall's shoppers become “Shopping Sahelis” or product experts. They create video content on the platform to help other users make better buying decisions and help bridge trust with other women, who are typically first time online shoppers.
“WMall has already racked up over 1 lakh purchases,” said a person directly aware of the matter.
The Bengaluru-based startup, founded by Harmin Shah, Rishabh Verma and Anubhav Singh, is a social community-based ecommerce platform where members create content around various products to enhance the buying experience for other members.
Shah and Verma are batchmates from IIT-Bombay and were investment professionals in previous roles at SAIF Partners and Sequoia Capital, respectively. Singh was a founding engineer at UrbanClap in his previous stint. Shah declined to comment on the fundraising.
Social commerce businesses are largely based on the belief that as the next one billion Indian internet users get accustomed to technology and use of mobile phones, their buying experiences will be different due to influences like language, community and price points, and therefore, a new set of solutions need to be redefined for the segment.