SUMMARY
SimSim had previously raised $1.23 Mn in a seed round
The company has raised $7.3 Mn so far
The company’s competitors are Bulbul and Meesho
Video ecommerce app SimSim has raised INR 43.49 Cr ($6 Mn) in a Series A funding round led by investment firms Accel India and China-based Shunwei Capital. Other investors participating in the round, included investment firm Good capital, high net worth individuals (HNI) Sunil Kalra and Samarth Bedi.
According to the Ministry of Corporate Affairs filings accessed by Inc42, Accel and Shunwei invested INR 17.91 Cr ($2.5 Mn) each in the company for a 12.5% stake. Moreover, while Good Capital invested INR 7.16 Cr ($1 Mn), the HNIs bought the stake for INR 20.4 Lakh ($28 K) each.
Previously, the company had raised $1.23 Mn in seed-stage from Good Capital. With this funding, the company has raised $7.3 Mn in total.
Inc42 has reached out to SimSim for more insights
New Delhi-based SZS Tech operated, SimSim, was founded in 2018 by Amit Bagaria, Kunal Suri and Saurabh Vashishtha. It is a video-based e-commerce platform that is looking to replicate offline consumption behaviour online through interactive experiences.
SimSim has initially started off with a sole focus on women-centered categories and fashion. But now, it has expanded the platform to allow internet influencers to sell products to the customers. The company is building an ecommerce with the target audience from non-metro cities.
Besides SimSim, other players in the video ecommerce segment include Bulbul and Meesho. In August 2019, Meesho raised INR $ 125 Mn in a round led by Naspers. Other investors participating in the round included Facebook, SAIF, Sequoia, Shunwei Capital, RPS and Venture Highway. Facebook-backed Meesho has raised $215.2 Mn funding in total.
The social commerce category is expected to grow multifold in the country with its complex and diversified social network. As per Statista, over 2.14 Bn people are expected to buy goods and services online by 2021, globally.
The report also added that social platforms will act as a potential catalyst due to their large user base. For example, WhatsApp has 400 Mn users in India, followed by 241 Mn users of Facebook and Instagram’s 72 Mn.
