your password has been reset successfully, Please login again.

Stellaris leads Series A round in social commerce platform Shop101

Vy Capital, TaxiForSure's co-founder Raghunandan G, and Livspace's co-founder Ramakant Sharma also participated in the round.
BY BEx Bureau
BusinessEx
Jul 11, 2018

Mumbai-based Shop101, a mobile storefront and commerce platform for sellers, has raised $5 million (Rs 34 crore) in a Series A round led by Stellaris Venture Partners, a company statement said.

Vy Capital, TaxiForSures co-founder Raghunandan G, and Livspaces co-founder Ramakant Sharma also participated in the round.

Shop101, operated by O(1) India Private Limited, will use the capital to strengthen its core leadership and product teams, scale its supplier network, and enhance its technology platform, the statement added.

Social commerce provides a more human touch to an online selling experience and opens up a new set of opportunities by tapping into the next 500 million users by providing a layer of trust and curation, Rahul Chowdhari, partner at Stellaris Venture Partners stated.

As part of the transaction, Chowdhari will represent Stellaris on the board of Shop101.

Shop101 was founded in 2015 by IIT Kanpur batchmates Abhinav Jain and Aditya Gupta. The three-year-old firm helps small merchants and sellers showcase their products online by helping them create a mobile storefront.

It helps its users sell their products on popular social media networks such as WhatsApp, Facebook, Instagram, and other social channels. Besides, it also provides last-mile logistics through its tie-ups with third-party logistics players. As per information on its website, Shop101 caters to 20,000 pin codes across India.

Since inception, the company has disbursed and dispatched more than 5 lakh orders on its platform worth more than Rs 100 crore in gross order value, according to information on its website.

We have grown 25-30% month-on-month over the last couple of years and empowered more than 3 lakh entrepreneurs across the country with reliable and scalable technology, extensive range of products on the supply platform, pan-India logistics, and payment solutions, Jain, co-founder and chief executive of the venture, stated.

An MBA from IIM Ahmedabad, Jain was previously advising companies and private equity funds during his tenure at global management consulting firm Bain Co. Co-founder Gupta was formerly an analyst with Deutsche Bank and was part of the technical team at Oracle in an earlier stint.

Please add your Comment
SIMILAR News
July 17, 2018
As part of the partnership, Walmart and Microsoft engineers will collaborate to migrate a significan ...More
By Shah Mohsin
July 17, 2018
The Mumbai-based startup was launched in 2013 as a social network for conversations and later tweake ...More
By Shah Mohsin
July 17, 2018
PE firm India Equity Partners holds a stake of around 98% stake in Spoton Logistics while the compan ...More
By Shah Mohsin
July 17, 2018
The latest funding has been routed through Singapore-based Amazon Corporate Holdings and Mauritius-b ...More
By Shah Mohsin
July 16, 2018
Phonepe which is one of the biggest players in the UPI payment space, has been steadily building up ...More
By Shah Mohsin
July 16, 2018
Dalmia Bharat had been adamant on its acquisition plan for Binani Cement, which would have opened an ...More
By Shah Mohsin
July 16, 2018
LIC owned about 8 percent of IDBI Bank as of end-June, while the federal government owned 86 percent ...More
By Shah Mohsin
July 16, 2018
The Mumbai-based venture capital firm has more than 40% of its portfolio companies in the B2B segmen ...More
By Shah Mohsin
July 16, 2018
The investors who participated in the round include Anupam Mittal, CEO at People Group, the parent o ...More
By Shah Mohsin
July 13, 2018
The American software giant is already offering its Azure platform to electric mobility players acro ...More
By Shah Mohsin
July 13, 2018
The Series A funding will also be used to expand the team and bring on board experienced talent in t ...More
By Shah Mohsin
July 13, 2018
With this, the company has raised a total $12 million until now. ...More
By Shah Mohsin