[Funding alert] Video commerce platform SimSim raises $6 M in Series A from Accel and Shunwei Capital
Video-based ecommerce startup SimSim has raised $6 million in Series A round led by Accel India and Shunwei Capital (through Astrend IV India Investment Ltd). Angel investors Sunil Kalra, Samarth Bedi, and Good Capital also participated in the round.
According to sources, SimSim is now valued at $7.3 million.
The Registrar of Companies filings accessed by YourStory revealed that both Accel and Shunwei Capital invested Rs 17.91 crore (approx $1.79 million) in the startup and will have 12.5 percent stake each in the company, as part of the deal. Good Capital, which invested $7.16 crore, holds a 13.69 percent stake in the startup. Angel investors Sunil Kalra and Samrath Bedi also invested Rs 20 lakh each in SimSim.
Good Capital, an early-stage venture investment firm has invested $1.5 million in seed fund in SimSim.
Delhi-based SimSim, operating under the parent company SZS Tech Private Limited, is founded by former Flipkart and Paytm Executive Amit Bagaria, and former Foodpanda and McKinsey and Company Executive Kunal Suri on September 2018.
Initially starting with only women-centred categories and fashion, SimSim now enables internet influencers and opinion leaders to sell products to its users – by combining content with commerce. SimSim is building a horizontal ecommerce platform, keeping in mind the shopping behaviour of users residing beyond the metros of India.
According to media sources, ex-Google Southeast Asia and India Head – Rajan Anandan had also initially invested in the firm. Other investors of SimSim include Anupam Mittal, Gautam Kumra, and Suhail Sameer.
SimSim competes with the likes of Sachin Bhatia and Sichen (Sianna) Liu founded Bulbul and Facebook-backed Meesho. To date, Meesho has raised $215.2 million in funding.
Earlier in September, Accel Partners invested in the US and India-focussed natural supplements company 1Balance. Prior to that, Accel also led a $1 million seed funding round in the US and Bengaluru-based Spacejoy, an e-design startup offering interior Design-as-a-Service.
(Edited by Suman Singh)
Update: This article was updated to reflect the correct funding amount.
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