Social commerce startup GlowRoad has raised $7 million in a fresh funding round from its existing investors making it the maiden financing for the Bengaluru-based firm in 2020.
Accel Partners has poured in $3 million while Singapore-based Vertex Ventures has infused $2 million, regulatory filings in Singapore show. IND Fund has participated with $2 million
GlowRoad is a women-centric C2C (customer-to-customer) reseller network like Meesho and Shop101. Earlier known as LocalQueen.com, the platform was acqui-hired in July 2017 by Sonal Verma and rechristened as GlowRoad.
City Mall and BulBul are the two other companies in this space that raised funds in 2020. Significantly, large companies including Paytm and ShareChat also forayed into the social commerce bandwagon this year.
Both Glowroad and Meesho compete in the social commerce space. As per Meesho, the court has restrained GlowRoad from utilising the confidential data gained through the former employees of Meesho. Meesho claims that GlowRoad has been engaged in unlawful and unethical business practices, methodically poaching employees and accessing the data that was generated by the company. It claims to have proof of data theft and GlowRoad forcing people to steal data and solicit employees.
In the last two years, GlowRoad has raised $24.3 million. The company claims to have more than 6 million resellers currently. Whereas Meesho has raised more than $200 million and claims to have over 10 million resellers on its platform.