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Technology

Shop101 gets series A funding of $5M from Stellaris Venture Partners & others

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Social mobile-commerce startup Store101 has raised sequence A funding of $5 million led by Stellaris Enterprise Companions. Store101’s current buyers together with Vy Capital, TaxiForSure co-founder Raghunandan G. and Ramakant Sharma, Livspace co-founder additionally participated within the spherical. As part of the deal, Rahul Chowdhri, associate at Stellaris Enterprise Companions will be a part of the corporate’s board.Began by IIT Kanpur graduated Abhinav Jain and Aditya Gupta in 2015, the Mumbai-based social e-commerce startup permits individuals to handle their e-tailing companies by way of social networks corresponding to WhatsApp, Instagram, and Fb. Store101, is a cell app which basically permits sellers like housewives, graduates, people or small enterprise house owners, to promote on social platforms and procure provide immediately from producers and types.The corporate mentioned that the corporate will use the capital to strengthen its core management and product crew, scale the provider community and improve the expertise platform.In a press release founder and CEO Abhinav Jain mentioned that the corporate have grown 25-30% month on month during the last couple of years and has about three lakh sellers on its platform.CompetitionSocial community biggies like Instagram, WhatsApp, and Fb already provide instruments for small companies. Aside from these, Store101 competes with gamers like Meesho, Shopmatic, Zepo, Kartrocket and Shopify.-In October final 12 months, Meesho raised funding of $three.1 million from SAIF Companions and its current buyers Y Combinator and Enterprise Freeway.-In June 2017, Singapore primarily based e-commerce platform for sellers, Shopmatic raised $5.7 million in a spherical of pre-Sequence A funding from ACP Pte Ltd and Spring SEEDS Capital Pte Ltd.-In March 2016, KartRocket raised $ 2 million in Sequence B spherical from a Japanese investor. It had earlier, in January 2016, raised $6 million from Bertelsmann India Investments, Nirvana Digital India Fund, Nirvana Digital Funding, 500 Begin-Ups and Singapore-based Beenext.

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