The Series-A funding is a strategic direction to solidify its content and brand partnerships to cater to the growing demand in social commerce space.
Woovly, India’s most trusted social commerce platform that enables users to purchase instantly, using AI-powered brand-tagged user generated content, is in talks with investors to raise $10M as part of their Series-A funding. It had already secured a $3.6M investment, participated by Anthill Ventures, ViNners and Sana Ventures amongst others. Launched in 2019, by Venkat J., Neha Suyal, and Hithendra R, Woovly is becoming the most loved e-shopping site for Indian millennials who look for trustworthy recommendations for a variety of lifestyle products.
The integration of different value partners – from influencers to brands to consumers, has helped Woovly emerge as a category leader with immense scalability potential. As a technology company Woovly has enabled peer to peer product discovery, increasing the engagement rate on its platform at a meteoric pace. The Series-A funding is a strategic direction to solidify its content and brand partnerships to cater to the growing demand in social commerce space.
Of the target $10M Series-A fund raise, Woovly has already received partial commitment from marquee investors like Anthill Ventures and others. Commenting on the fund-raising, Venkat J., CEO & Co-Founder, Woovly said, “Since the launch of the social commerce platform our community has seen 400% growth year-on-year. This has resulted in $2M ARR (Accounting Rate of Return) within six months of our commerce launch and is growing at 30% month-on-month. This boosted our investors’ confidence in the business model and the team. Our vision is to enable the next 50M short-form content creators to make money that is their largest challenge today.”
Woovly’s social media feature allows users to upload short video contents and visuals of the branded products with reviews and recommendations for other users to discover and shop on the platform – giving a real-time word-of-the-mouth marketing feature on the platform. The app’s built-in e-commerce functionality allows users to purchase items straight from Woovly’s official online brand stores. Woovly has collaborations with a variety of direct-to-consumer (D2C) companies in the lifestyle products category that include global popular brands along with niche and indigenous brands. The unique product design of Woovly is a value-proposition for the brands as it creates an omnichannel for them to reach targeted consumers online. These unique product features positively impact the purchasing decisions of the users.
Woovly’s another significant differentiating factor is a strong network of influencers on its own platform. Neha Suyal, CTO & COO, Woovly said, “Social commerce is driven by trust, and at Woovly we are building the trust on brands and products through User Generated Content (UGC) driven by Micro and Nano influencers. The platform has already on boarded 18,000+ micro influencers and content creators who are earning money by driving content about brands, products and their experiences.”
Commenting on the investment rounds, Kabir Kochhar, Partner – Anthill Ventures, said, “We’re excited about the future of Woovly because as an emerging market leader and category creator in video commerce, Woovly has found a sweet spot in terms of demand, supply, and pricing metrics. All stakeholders derive a unique value proposition in Woovly’s ecosystem. Product users and influencers get incentivised to share authentic product videos. Potential buyers get a clutter-free experience helping them navigate the vast D2C ecosystem. While, brands have found a high conversion sales channel. The speed of execution of this team and intense metrics-driven approach separates Woovly from other market competitors as reflected by high product AOVs, high repeat users and stickiness (high M6) on the platform.”
Woovly drives commerce using its community and content with the trust as the core factor, generating value for brands, users and influencers. The Series-A funding will boost in Woovly’s product feature, adding components like live-streaming and gamification on the platform.
Source: Business World