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Amazon could also be trying to tackle Shopify within the west, however in India, it’s gearing as much as discover social commerce.
Amazon has acquired the Indian social commerce startup GlowRoad in an all-cash deal because the e-commerce large makes an even bigger push into certainly one of its key abroad markets, a supply straight acquainted with the matter instructed TechCrunch.
In a press release, an Amazon spokesperson confirmed the acquisition, saying the transfer will assist the corporate make inroads with its dedication to digitizing the nation’s 10 million companies by 2025.
The American large, which has invested over $6.5 billion in its India operations, added: “Amazon continues to discover new methods to digitize India and delight prospects, micro- entrepreneurs and sellers and bringing GlowRoad onboard is a key step on this course.”
“Along with GlowRoad, Amazon will assist speed up entrepreneurship amongst tens of millions of creators, homemakers, college students, and small sellers from throughout the nation. This acquisition will complement GlowRoad’s already cherished service with Amazon’s know-how, infrastructure, and digital funds capabilities, bringing extra effectivity and cost-saving for everybody.”
GlowRoad sells merchandise to prospects at wholesale costs and helps them resell it on Fb and WhatsApp. It additionally supplies them with logistics community (to assist ship the product) and the flexibility to gather money. On its web site, the startup says it has constructed a community of over 6 million resellers who earn on a mean of 35,000 Indian rupees ($460) per thirty days.
Earlier this month, GlowRoad stated it is going to increase to some markets within the Southeast Asia area.
“GlowRoad is dedicated to creating extra ‘homepreneurs’ and bringing many distinctive and unbranded suppliers to the platform. Even after 4 years, now we have simply scratched the floor, and there’s a lot extra to do,” stated co-founder Shekhar Sahu.
The four-year-old startup, which now we have written about twice beforehand, counts Accel, CDH, Vertex and Korea Funding Companions amongst its backers and had raised about $32 million in earlier investments, in response to information intelligence platform Tracxn.
TechCrunch couldn’t decide the quantity Amazon is paying for the acquisition, however the supply stated that GlowRoad’s workers will be part of the e-commerce large. The supply requested anonymity because the matter isn’t public but.
Amazon declined to reveal the monetary phrases of the deal.
Amazon’s experimentation with social commerce comes at a time when its chief rival, Walmart-owned Flipkart, is aggressively gearing up its personal social commerce providing, known as Shopsy, within the nation. A handful of startups together with SoftBank and Fb-backed Meesho and Alpha Wave World and Tiger World-backed Dealshare additionally function within the social commerce area and luxuriate in a bigger market share than that of Shopsy, in response to trade estimates.
Final 12 months, YouTube additionally made a push into social commerce in India by buying Good Capital-backed Simsim, TechCrunch first reported.
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