India-based social commerce platform developer Shop101 has secured Rs 800m ($11.4m) in a series B round co-led by a subsidiary of consumer goods producer Unilever, the Economic Times has reported.
Unilever Ventures co-led the round with venture capital firm Kalaari Capital, investing together with VC firm Stellaris Venture Partners, investment firm Vy Capital and Ramakant Sharma, co-founder of online furniture retailer Livspace.
Founded in 2015, Shop101 runs an online platform where users can set up stores and sell items through social media channels such as Facebook, WhatsApp or Instagram while offering payment options such as cash on delivery.
The latest funding comes five months after a $5m series A round featuring Stellaris Venture Partners, Vy Capital, Ramakant Sharma and fellow angel investor Raghunandan G.
Pawan Chaturvedi, investment director for Unilever Ventures, said: “The social selling platform is tapping the large Indian e-commerce market potential beyond metro cities. The model and unique technology empowers individuals across the country to become entrepreneurs. We believe Shop101 is well placed to grow this market.”
