GlowRoad, a social commerce startup, has raised $10 million in a Series B round. This round was taken up by CDH Investments, A Chinese firm. The round was backed by Accel Partners and few international and Asian firms. The Bengaluru-based startup helps women earn from home by reselling a variety of products in their social network.
Bangalore: Indian Social Commerce startup, GlowRoads, hits it off with an investment of $10 Million. The company raised the amount in Series B round, led by Chinese Investments Firm, CDH Investments.
After a few months of its launch, GlowRoad secured $2 Million investment from Accel. This was the only funding that the startup had before this.
Kunal Sinha, co-founder and CEO of the startup, said that the funds will help the young startup expand in growing business and marketing. Founded in June 2017, it enables suppliers to sell their products to end customers through resellers across more than 400 cities globally.
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The company currently has more than 100,000 resellers, 20,000 suppliers and 300,000 buyers on its platform, according to a note on its website.
GlowRoad and its work
Formerly LocalQueen.com, GlowRoad operates in the customer-to-customer (C2C) segment. It builds a network among women, mainly housewives, who can sell products sitting at home to their neighbourhood, residential colonies and among their friends and family networks through online or offline modes.
GlowRoad competes with the likes of Sequoia India-backed Meesho, Shop101 and Wooplr. Meesho has raised a total of $65.2 million from investors including Shunwei Capital and Sequoia India.
Yunji is doing similar stuff as us and in 4-5 years has reached a GMV of $8 Bn-$9 Bn, CDH found a similar thing in us beyond the business idea and that’s why has invested in us,
– Kunal Sinha
Going forward, the company aims to cross 100K transactions every day with this fresh funding.