Woovly Secures Funding From Sony Innovation Fund, SOSV, RTAF And ViNners Woovly plans to expand its reach and explore new market segments such as fashion, home decor, and lifestyle categories
By Entrepreneur Staff •
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Social commerce platform Woovly has raised undisclosed funding from Sony Innovation Fund, SOSV, RTAF, and ViNners.
The digital retail landscape has experienced a seismic shift, with concepts such as "shoppable videos" and "interactive live commerce" captivating consumers and reaping substantial benefits for brands. Shoppable videos seamlessly blend captivating video content with the convenience of direct purchase options, resulting in higher engagement and conversion rates. Interactive live commerce leverages the power of social media and online shopping to create personalized and community-driven experiences, fostering stronger consumer trust and engagement.
Recognizing the power of these trends, Woovly claims to have revolutionized social commerce by integrating shopping opportunities with immersive video content. This pragmatic approach acknowledges the importance of keeping audiences engaged while simplifying the purchasing process, it says.
Launched in 2020 by Neha Suyal and J Venkat, Woovly is a one-stop destination for discovering and acquiring beauty and personal care products. The platform claims to have experienced exponential growth, with its user base surging by 600% over the past 18 months.
"We are incredibly grateful for the support and confidence shown by Sony Innovation Fund, SOSV, RTAF, and ViNners in backing Woovly. This funding round will enable us to further enhance our platform and continue our mission of offering a seamless and engaging social commerce experience to our users. We are excited about the opportunities that lie ahead and look forward to taking Woovly to new heights in the industry," said Neha Suyal, co-founder, Woovly.
Woovly plans to expand its reach and explore new market segments such as fashion, home decor, and lifestyle categories.
Gen Tsuchikawa, CEO and Chief Investment Officer of Sony Ventures Corporation: "We are thrilled to be part of Woovly's journey and support their vision for shaping 'content-driven commerce'. Their innovative integration of immersive video content and seamless shopping experiences truly sets them apart and well positions them to capitalize on the rapid growth of India's digital retail sector. We look forward to supporting the team as they pursue their next stage of growth."
