Shopr.TV, an India-based live-commerce platform, announced that Tuesday it has raised $1.7 million seed capital from reputed global institutional investors, including BEENEXT, Y-Combinator, Locus Ventures, Shiprocket, Goodwater Capital, and more.
Renowned angel investors such as Kunal Shah (CRED), Lalit Keshre (Groww), Venky Karnam (Afore Capital), amongst others, are also a part of the round, Shopr.TV said in a statement.
According to the statement, Shopr.TV will invest the funds into its technology, product, and team.
“Live-commerce is the natural next step in the evolution of e-commerce, and it has the potential to revolutionise the entire consumer experience. There is a refined layer of accessibility, credibility, and reliability that live-commerce brings to the online buyer-seller relationship,
“Our ambition is to create for India a shopping experience that’s engaging, highly interactive, and veritable. We have the right product, the right team, an enthusiastic market, and now the perfect partners who share our vision of transforming the way India shops,” said Akhil Suhag, Co-Founder and Chief Executive Officer of Shopr.TV.
Shopr.TV is a comprehensive live-commerce platform that allows buyers to discover, experience and shop for their favourite products, in real-time.
Since the platform went live earlier this year in June, it has established its dynamic live-commerce model, with buyers increasingly joining and engaging with live-streams to discover, experience, and shop all in real time.
Shopr.TV allows sellers and retailers to reach out to their desired consumer demographics with live drops, virtual pop-ups, collection launches, and clearance sales.
By helping sellers establish a direct line of communication with their consumers and, aided by first-hand feedback; live-commerce helps sellers accelerate sales conversions and move large chunks of inventory in a rather short period of time.
A unique advantage of the platform is that it allows buyers to build trust in the sellers with direct interactions and engagement over live-streams.
“We believe the live-commerce model is entertaining, immersive, and poised to keep consumers engaged as a new form factor for commerce. Sellers can optimise sales in real-time through better inventory management while interacting with their customers directly,
“At BEENEXT, we are enthusiastic about the Shopr.TV founding team and how they weave the thread of customer decision journeys from awareness to purchase, with the finesse of their product experience. We are excited to be a part of Shopr.TV’s journey to make the commerce experience more engaging while driving better conversion for sellers,” said Hero Choudhary, Managing Partner, BEENEXT.
According to the statement, over the past few months, Shopr.TV has been on a trajectory of over 100 percent month-on-month growth, both in terms of gross merchandise value (GMV) and the total number of orders – a testament to the huge market potential in the segment.
The growth is completely organic and has been achieved without any customer acquisition costs.
Currently, the platform hosts over a hundred sellers, offering everything from fashion apparel, thrift finds, and jewellery to cosmetics and beauty products.
“We strongly believe in the future of new-age e-commerce models for India. The reach and potential impact of live commerce is vast, and the way Shopr.TV amalgamates live commerce with social, creator-driven commerce is unique,
“We are excited to be a part of this journey of integrating entertainment with instant shopping,” said Vishesh Khurana, Co-Founder of Shiprocket.