Social e-commerce platform GlowRoad has raised USD 10 million in Series B funding round led by Beijing-based CDH Investment, a top company executive told Mint. In 2017, GlowRoad had raised USD 2 million in a Series A funding round from venture capital firm Accel Partners. Accel participated in this round as well.
GlowRoad was founded in 2017 by Sonal Verma, Kunal Sinha, Nitesh Pant, Shekhar Sahu, and Nilesh Padariya. The company connects resellers with raw material suppliers using WhatsApp and Facebook, and facilitates trade for individual sellers and small businesses with customers.
A majority of the resellers are homemakers, small business owners and small boutique brands selling across categories like clothing, apparel, and beauty products.
GlowRoad will use the funding for marketing, improving user interface, and expanding its customer base. CEO Kunal Sinha said the target is to increase the current 15,000 transactions a day to 100,000 transactions per day. The company also plans to expand its team to from 100 employees to about 250.
CDH Investment has also invested in Mayfair, a Gurugram-based e-commerce platform focused on lifestyle products, and Cashify, an online platform for selling used electronic products.
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