GlowRoad Gets US$ 10 M Investment from CDH Investments

The company faces competition from Meesho, Ezmall, Shop 101, and Whooplr in this particular industry.

Indian e-commerce startup, GlowRoad received Series B funding worth US$ 10 million from the Chinese investment firm, CDH Investments. The existing investor, Accel also participated in this round who funded GlowRoad with US$ 2 million in September 2017. GlowRoad was founded by Kunal Sinha, Sonal Verma, Shekhar Sahu, Nitesh Pant, and Nilesh Pandariya. The company connects resellers directly with raw material suppliers with the help of social media apps such as Facebook and WhatsApp. It also offers a trade for small businesses with customers and individual sellers.

One of the founding members Sonal Verma who is a physician has co-founded Telemedicine Company named HealthcareMagic, back in 2008. During her works, she realized that many housewives and mothers resell various products that need proper support. GlowRoad was founded to help these resellers to take their business online by drop-shipping products. Apparently, GlowRoad will use the funding for marketing, expanding customer base, and improvising user interface. The company CEO Kunal Sinha said, “The target is to increase the current 15,000 transactions a day to 100,000 transactions per day.”

Currently, the company claims more than 100,000 resellers, 300,000 buyers, and 20,000 suppliers. The company is expecting to increase its team of 100 employees to about 250 very soon. The CEO also said that the current target is to bring more resellers onboard as he is expecting the company to be profitable by 2020. Currently, the company faces competition from Meesho, which one of the fastest growing platforms. It has managed to raise US$ 50 million by Series C round. Shop 101, another competitor has managed to raise US$ 11.37 million by Series B round.

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