Instagram-focused Commerce Startup WINDO Raises $500,000 In Seed Round Funds to be primarily used for product development and to enhance the customer experience with an aim to achieve product-market fit and explore other markets outside India
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Bengaluru-based Instagram/social commerce powering tech company WINDO on Thursday announced to have raised $500,000 in a Seed round led by Unicorn India Ventures. The round also saw participation from prominent angels like Meena Ganesh, Aravind Sanka, Srinivas Anumolu, and Vivek Bhargava.
The company plans to use the funds for product development and to enhance the customer experience while growing and aim for achieving product-market fit and to also launch in outside India regions.
"We want to act as a technology team for solopreneurs and small businesses and help them build their online store in under two minutes by helping them convert their Instagram page into an online store, all while keeping it affordable and flexible. We believe that anyone, anywhere should be able to start selling online easily and we are working towards the same," said Silus Reddy, co-founder, and chief executive officer, WINDO.
WINDO aims to become a one-stop shop where sellers can control everything from the WINDO app by enabling features such as centralized inventory, order management, pricing, etc. One can choose the products from their feed, add prices and stock and share the shop with their customers easily. WINDO Shop makes it easy for anyone to manage their online business by increasing orders, helping them set up a professional-looking e-commerce store and market their products with ease to their Instagram customers. The company is targeting an ARR of $1 million in the next 12 months.
"Instagram has emerged as the most powerful social tool for internet consumers. Shoppers spend hours on Instagram to discover trends and products matching their preferences. We expect social commerce with a focus on Instagram to become a highly attractive segment in the next 2 years. At Unicorn India Ventures, we have always backed high-potential startups. Our portfolio performance is an indicator of the unusual bets that we have taken. We believe WINDO is also a unique proposition as they are enabling and unlocking the potential of e-commerce by enabling small businesses to discover newer markets and increase their revenues as currently, most of the small businesses list on large market places where revenues have been trickling in if not falling. WINDO is a solid alternative for online first and D2C small and medium brands," added Bhaskar Majumdar, managing partner, Unicorn India Ventures.
Over 1 billion people use Instagram every month. According to a report by Grand View Research, the global social commerce market size is expected to reach $3369 billion by 2028. It is expected to grow at a CAGR of 28.4 per cent from 2021 to 2028. In India, however, the market is expected to grow at a much faster pace than the global CAGR to reach $25 billion by 2025. A large part of this explosive growth is expected to come from Instagram/Facebook. WINDO is poised strongly to leverage this trend as it helps sellers improve their conversion rate by enabling them to use Instagram more effectively and result in driving sales.