Shunwei, Accel lead $6m funding in Indian video commerce app SimSim

Vernacular video commerce app SimSim has raised about $6 million in a Series A funding round led by Accel India and Chinese venture capital firm Shunwei Capital.

Accel and Shunwei Capital, via Astrent IV India, have invested Rs 17.91 crore each for a 12.5 per cent stake in the Indian startup, Entrackr reported.

Good Capital also participated in the round with an investment of Rs 7.16 crore, taking its stake in the company to 13.69 per cent. High net-worth individuals Sunil Kalra and Samarth Bedi invested Rs 20.4 lakh each in SimSim.

SimSim, operated by SZS Tech Pvt. Ltd, has been valued at Rs 143.31 crore in the new financing round. It had earlier raised $1.5 million from a clutch of top executives from Flipkart and McKinsey.

In the past one year, Shunwei Capital has aggressively ramped up its India investments.

Earlier this month, the Chinese investment firm had participated in an undisclosed funding round of podcasting startup Kuku FM, along with India Quotient and 3One4 Capital. Last month, it invested in bike-taxi service app Rapido. In April, Chinese tech giant Xiaomi, along with Shunwei Capital, has acquired a 10 per cent stake in Chalo, a daily commute solutions startup.

In November last year, Shunwei had invested in the $50-million Series C round of Bengaluru- and California-based Meesho. Its others India investments include language social network ShareChat, news aggregator Dailyhunt, and self-publishing platform Pratilipi.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.