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.