SAIF Partners leads Series B in social commerce startup WMall
Bengaluru-based Blitzscale Technology Solutions, which owns social commerce WMall, has raised $8.9 million in a Series B round from new investor SAIF Partners, and existing investors Chiratae Ventures and VH Capital.
The Bengaluru-based company issued 20 equity shares and 6,501 preference shares at Rs 98,185.04 rupees apiece, regulatory filings show.
Blitzscale Technology plans to use the funds for business development and growth of the company.
In February this year, WMall raised $1.7 million in a Series A round from venture capital firms Chiratae Ventures and VH Capital.
Founded by Harmin Shah, Rishabh Verma and Anubhav Singh, WMall is vernacular B2C platform for women in Tier-I and Tier-II cities and sells home essentials, apparel, home decor and lifestyle products. It sells products through its app and also allows to access deals by sharing links on YouTube and WhatsApp. The company is aiming to bring 200 million consumers on the online transaction economy.
Social ecommerce platforms such as Meesho, Glowroad, SimSim are WMall’s peers.
Last week, SimSim raised $6 million in Series A round from Accel India and Shunwei Capital along with early stage investment firm Good Capital and high networth individuals such as Sunil Kalra and Samarth Bedi.
In June 2019, Mark Zuckerberg-led Facebook invested an undisclosed amount in B2B social commerce platform Meesho.