India: Social e-commerce app SimSim raises $8m led by Shunwei, Accel

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Vernacular video commerce app SimSim has raised over $8 million (about Rs 57 crore) in a Series B round of funding led by existing investors, including China’s Shunwei Capital and venture capital firm Accel Partners, per media reports.

The latest round takes the startup’s total funding to $16 million.

The seven-month-old startup raised $6 million in Series A funding led by Accel India and Shunwei Capital, with participation of Good Capital, last November. SimSim, operated by SZS Tech Pvt. Ltd, was reportedly valued at Rs 143.31 crore in that round.

Delhi-based Simsim was officially founded by Amit Bagaria, Kunal Suri, and Saurabh Vashishtha in July last year. It is an e-commerce company enabling community opinion leaders (influencers) to sell products to thousands of micro-communities in India.

The app is currently available in four different languages – Hindi, Tamil, Bengali, and English, and working with over 1,200 micro-community influencers. It has reportedly garnered over one million users in seven months of operations.

“We have just begun our journey. Before the end of this year, we want to serve our customers in 20 different languages and target to have 10 million+ customers on the platform,” Bagaria said.

Social e-commerce startups, which allow users to leverage their social network to buy and sell products, are increasingly catching the fancy of investors.

Shunwei is also an investor in Bengaluru-based Meesho, one of the most funded social e-commerce startups in India with about $215 million in its kitty. Meesho has built a network of more than 2 million ‘social sellers’ across 700 towns in India, along with a distribution channel for 15,000 suppliers in traditional manufacturing hubs.

Other players operating in the space, include Bulbul, EkAnek, GlowRoad, and WMall. Recently, Alibaba also ventured into the Indian social commerce space with Yoli.

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.