[Funding alert] Social ecommerce startup ShopG closes $1.5M seed round
Investors, including Orios Venture Partners, and RPSG Ventures participated in the round.
Wednesday January 20, 2021,
2 min Read
Social ecommerce platformon Wednesday closed a $1.5 million seed funding round led by and , the startup said.
Angel investors, including Rajesh Yabaji, CEO of; Raghunandan G, former CEO of Taxi for Sure; and Prasanth Nair, ex- , also participated in the round.
ShopG — which caters mostly to Tier III and IV cities — was founded by Ankur Arora, Abhishek Mishra, Pranay Suwalka, and Yogesh Nehra, who have previously worked with Rivigo,, , and .
The new funds will help ShopG expand its community leader network in lower-tier cities, scale its technology, build a supply of small regional brands, as well as help create a suite of D2C-branded products.
At present, it has over a thousand community leaders that work with regional brands to source goods, as well as help build a vernacular, fun, and engaging social shopping platform.
"The next 500 million internet customers, from Tier3/4 cities of India, who earn an average household income of Rs 25,000-30,000 per month, prefer assisted buying from someone they trust and have low average order values of less than Rs 250 — making it impossible for existing ecommerce players like Amazon, Flipkart, etc., to service them with high customer acquisition and supply chain costs," said Co-founders Ankur and Abhishek, adding this is the pain-point ShopG is trying to solve.
The startup partners with regional brands that offer good quality products, but have little to no distribution or reach, and gives them a platform to showcase their products.
With social commerce set to become a $25 billion market by 2025, from $2 billion presently, ShopG expects to continue seeing exponential growth.
"We are excited to partner with the ShopG team, which has developed a profitable model, bringing the power of micro-entrepreneurs, digital-ready customers, and tailored set of small brands, including their own on a common tech platform,” said Anup Jain, Managing Partner at Orios Venture Partners.
Edited by Suman Singh