02.11.2020, 18:46

Accel, Vertex Ventures infuse fresh funds into Indian social commerce startup GlowRoad

“Social commerce startup
has raised US$7 million in a fresh funding round from its existing investors, making it the maiden financing for the Bengaluru-based firm in 2020”

The deal was executed in May, said the report, adding that the US-based VC firm Accel had invested US$3 million while the Singapore-based Vertex Ventures and IND Fund had infused US$2 million each into the company.

This latest round takes GlowRoad’s valuation to around US$75 million, as per the report.

In 2017 GlowRoad secured
US$2 million
in series A funding from Accel Partners, followed by a
US$10 million
series B round led by Chinese investment firm CDH Investments and a
US$11.5 million
series B+ round from South Korea-based Korea Investment Partners and Vertex Ventures last year.

Formerly known as LocalQueen.com, the company was acquihired by co-founder Sonal Verma in 2017 and rebranded as GlowRoad. It’s a customer-to-customer reseller app for housewives and graduate students that has acquired over 6 million resellers, 20000 suppliers, and 18 million buyers across 2000 cities in India, according to its website.

See also :
India’s social commerce startups are dodging Amazon, Flipkart

Similar players in the country include Sequoia Capital India-based Meesho and Shop101 which secured
US$3.9 million
in its ongoing series C funding round from Stellaris Venture Partners India, Unilever Venture Holdings, Kalaari Capital Partners, and VY Capital Holdings Limited in March.