Fashinza Raises 20 Million Series A Funding Co Led By Accel Partners And Elevation Capital
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B2B Manufacturing Marketplace Fashinza Raises $20 Mn In Series A Funding
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Social commerce startups make hay, rake in $554 million this year
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The amount is the highest since 2015 and seven times what these companies made a year ago
ETtech
Illustration: Rahul Awasthi
Social commerce startups have raked in $554 million this year as of July 16, a 7x increase from last year and the highest ever since 2015, according to data sourced from Venture Intelligence.
Social commerce will unlock tier 2 and tier 3 markets and reach low-margin categories in fast-moving consumer goods and groceries, which large e-commerce platforms have not done so far, helping boost the overall e-commerce industry, experts and investors who view the sector as an extension of e-commerce told ET.
Vegrow, a business-to-business agritech platform for fruits and vegetables, has raised $13 million in a series A investment round co-led by Lightspeed Venture Partners and Elevation Capital. The round also saw participation from existing investors Matrix Partners India, Ankur Capital, Better Capital and Titan Capital. Established in 2020, Vegrow has scaled rapidly among both farmers and B2B customers, resulting in nearly 20x top-line growth with a presence in over 30 cities. At the heart of this growth is their unique technology platform, which powers everything from farm discovery, produce quality profiling, market intelligence to smart matchmaking between farm-level inventory and customer requirements. The impact of this platform is clear in deep customer love and positive unit economics early on in the company’s journey.