Shop101 Raises Series A Funds From Stellaris, For Furthering Social Commerce
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With problem-solving being the criteria, Stellaris Venture Partners has recently led Series A for Shop101 that lets entrepreneurs sell online as well as on various social platforms. This startup, falling into the category of social commerce wooed Stellaris along with VY Capital, Raghunandan G who is Co-Founder of Taxi4Sure, and Ramakant Sharma who is Co-Founder at Livspace.
This Series A round saw investments to the tune of USD 5 Million.
Social Commerce – Next-Gen tool for entrepreneurs
With modern-day investors preferring to be drivers of change through mentoring “smart” entrepreneurs in developing wholesome technology-driven models with respect to both business as well as mitigating issues, Social Commerce could just be the next smart platform considering the fact that entrepreneurs could sell their offerings in comparatively lesser time.
Also, Shop101 offers platforms for entrepreneurs to sell online with no additional investments. A customized online storefront is offered to sellers in less than 2 minutes. Target audience set for Shop101 are established entrepreneurs, merchants, housewives, college students, and young graduates. The Shop101 mobile application also apparently provides of selling of wares up to the value of INR 50000 per week.
Hence, a potential integration between e-commerce and social commerce could be witnessed with social commerce, and harnessing platforms also mitigate the issue of finding trustworthy buyers whilst getting people connected through technology, PAN-India logistics and payment solutions.
“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,” stated Rahul Chowdhri who is Partner at Stellaris Venture Capital.
“We have been able to build a very high-quality platform that can help entrepreneurs earn much more as well as save money by operating at really low costs,” added Abhinav Jain – Founder and CEO at Shop101.
What do the numbers say?
With Rahul Chowdhri now being a part of the board at Shop101, the startup has now raised INR 5 Million in Venture Capital funding. Headquartered in Mumbai, Shop101 was founded in 2015 by Abhinav Jain and Aditya Gupta.
Shop101 states that the USD 5 Million funding would be utilised to strengthen the core team and scale the supplier platform.