GlowRoad, a social commerce platform has raised $10 million in a Series B funding round led by China’s CDH Investment, as per reports. Their existing investor, Accel, was also part of the funding round.
The company was founded by Sonal Verma, Kunal Sinha, Nitesh Pant, Shekhar Sahu, and Nilesh Padariya in 2017.
CDH Investment has also invested in other Indian companies including Mayfair, a Gurugram-based e-commerce platform for lifestyle products, and Cashify, an online platform.
GlowRoad helps in getting in touch with resellers directly with raw material suppliers using social media services such as WhatsApp and Facebook. They also facilitate trade for individual sellers and small businesses. The categories also include clothing, apparel, and beauty products.
The company plans to use the funding for marketing, embellishing the user interface, and expanding its customer base. The current transactions are around 15,000 and they plan to increase it to 1,00,000 per day.
The plan is also to increase the employee base from 100 employees to about 250. The company aims to be profitable by next year, but the current focus is to bring more resellers on board.
In 2017, the startup had raised $2 million in a Series A funding round from venture capital firm Accel Partners.
GlowRoad is the third social commerce company to raise a fresh batch of funding in the last 5 months.