Hypd Store Raises Pre-Seed Fund From ScoopWhoop
By leveraging the power of 30 million active users monthly on ScoopWhoop's platforms, Hypd Store aims to utilize the funds on product enhancement, growth, and category expansion
Content to commerce discovery platform startup Hypd Store has said to have raised an undisclosed pre-Seed strategic funding from youth media platform ScoopWhoop.
Hypd Store will use this funding for product enhancement, growth, and category expansion.
“We are delighted with the incoming strategic investment. In most cases companies act as a content company or a tech company; fortunately, we are both. People love to buy, but don’t like to be sold. With Hypd’s unique content to commerce tech, conversions are up by 80 per cent,” said Ashwarya Garg, co-founder, Hypd.
The content-first platform provides edutainment-based e-commerce discovery and bridges the gap between getting excited and buying. For brands, it is a wholesome experience to get out there and sell to their target audience. It is consumer-friendly and sales-oriented so the interactions seem natural and fun, said the statement.
“While we are helping brands by maximizing returns on their content investments, we are also actively rooting for the creator economy by mapping every sale to a content inspiration and thus a creator’s cut,” stated Akshay Bhatnagar, co-founder, Hypd.
The company claims to bolster influencers to grow and make money via these edutainment content bits. For brands, its an immense opportunity to leverage their reach and fame - a win-win for all involved, making sales in enormous numbers.
HYPD Store was beta launched in November of 2020 and has so far had approximately 20,000 downloads and over 50 brands.
“We foresee a massive shift towards content-driven shopping and Hypd Store is bridging the gap between discovery and transaction with a focus on creators. As ScoopWhoop is a tech-enabled content platform we realize there is a huge untapped market for content-driven e-commerce. A seamless experience would involve a modern content platform and a discovery engine which is complemented by the option of transacting on the same platform. ScoopWhoop and Hypd are well-positioned to provide this today,” added Sattvik Mishra, co-founder, and chief executive officer, ScoopWhoop Media.
With the exponential rise in D2C brands within India, HYPD Store is tailored to be the platform of choice for brands looking to make an impact in their consumer’s minds. Some of the D2C brands HYPD has worked with since beta launch are TheManCompany, Doodlage, PeeSafe, Fast&Up, Khadi Essentials, Flatheads, among others.
India is becoming more mobile-savvy as we speak, nearing 500 million mobile internet users. With e-commerce growing at a CAGR of 38.6 per cent from FY17 to FY20, content to commerce channels is expected to make 15-20 per cent of all e-commerce sales in the next five years, as per IAMAI reports.