Woovly, the social commerce platform, has successfully secured an undisclosed funding sum from notable investors including Sony Innovation Fund, SOSV, RTAF, and ViNners.
The Bengaluru-based startup is set to utilize the newly secured funding to enhance its platform, ensuring a seamless and engaging social commerce experience for users.
Established in 2020 by Neha Suyal and J Venkat, Woovly specializes in providing beauty and personal care products on its platform, catering primarily to the millennial population in Tier II and III cities across India.
According to a CXOToday report, Woovly integrates shopping with immersive video content, ensuring audience engagement and streamlining the purchasing process.
“This funding round will enable us to further enhance our platform and continue our mission of offering a seamless and engaging social commerce experience to our users,” Suyal and Venkat said in a joint statement.
Experiencing substantial growth, the startup asserts a remarkable 600% increase in its user base over the last 18 months. Woovly attributes this surge to the impact of micro and nano influencers, along with captivating and interactive short video content showcasing products on its platform.
The company also intends to broaden its outreach by entering new markets and introducing additional segments on its platform, encompassing fashion, home decor, and various lifestyle categories. The objective is to tap into the dynamic market of 200 million consumers of short content.
Last year, it was reported that the startup was in talks with Shiprocket to raise $5 million.
The startup competes with major e-commerce companies like Amazon, Myntra, and Flipkart, among others.
To align with the growing trend of leveraging influencers for product marketing, Myntra has entered the league of e-commerce platforms providing product videos. In June, the company introduced a short video platform named ‘Myntra Minis’ with the aim of boosting user engagement and enhancing the overall shopping experience for its customers.
Additionally, another social commerce platform, Peepul Tree, secured $6 million in a seed funding round led by Elevar Equity. The funds will be utilized to onboard additional content creators and artisans onto the platform.
The emerging trend of influencer marketing is gaining traction in the Indian e-commerce sector. A recent GWI study unveiled that a significant portion of Indian online shoppers discovers products through influencer marketing on social media. The study highlights that Instagram Reels played a pivotal role, driving 33% of beauty purchases and 39% of fashion purchases.