[Funding alert] Made in India app KIKO TV secures $300k from 9point8, others
Aritificial Intelligence (AI) based short live video ecommerce platformhas received $300,000 funding from 9point8, Sunil Kumar Singhvi, and other HNIs. A product of Smooth Tag Technologies, KIKO TV was launched during the coronavirus pandemic post the Indian government's ban on Chinese apps.
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Investor Sunil Kumar Singhvi said in a press release:
"Social commerce is the next generation trend that is reshaping the future of retail and commerce industry. Social commerce influences millennials’ purchase decisions and their shopping journey. KIKO TV enables content creation and social commerce which will fuel the fast-growing influencers' profession. KIKO TV will be the future of marketing, branding and sales channels for many online retailers."
The Made-in-India interactive entertainment video-based app allows users to view, like, and share videos and earn currency to shop within the app. Available for both Android and iOS users, the app has recorded a daily rise of 12 percent in its active user base. The app has already signed more than 50 merchants on its platform. KIKO TV recorded gross annualised GMV of Rs 3.5 crore within a month of its launch.
Additionally, KIKO TV uses AI technology to detect pornography, weapons, cyber abuse, and crime scenes in its video, removing them from the platform immediately. This ensures the safety of the app, allowing its users a comfortable video streaming experience.
Going ahead, the app will be focusing on LIVE bidding, LIVE shopping, interaction, and video engagement. KIKO TV is also planning to launch its services in Indonesia, Singapore. and the Philippines by early October.
At present, KIKO TV offers more than 75,000 videos across genres including comedy, workout, travel, food, educational, fashion and makeup, and product reviews.
The social commerce sector in India is expected to be worth $100 billion by 2025, a PayPal survey revealed. It competes with players like Mall91 app won the AatmaNirbhar Bharat App Innovation Challenge., , , .tv, , and . Infact, biggies like Facebook and Instagram have their own marketplaces and shopping platforms, respectively. Recently, its competitor