Online marketplace Shop 101 has raised $5 million in series A funding led by Stellaris Venture Partners. Shop 101, enables entrepreneurs to sell online using Whatsapp, Facebook and Instagram, and now it plans to utilise the capital to strengthen its core leadership and product team, scale the supplier network and enhance its technology platform.
The Mumbai-based startup has already empowered 3,00,000 entrepreneurs and currently has 100,000 applications download on Playstore. Its vision is to democratize e-commerce by empowering entrepreneurs and small merchants to launch their own online store as well as sell on WhatsApp, Facebook, Instagram and other social channels with a few clicks.
Shop 101 has grown 25 to 30 per cent month over the last couple of years. The mobile app enables sellers across India to sell online seamlessly within minutes by providing end to end order processing, inventory management, pan-India logistics (including cash on delivery), payment support, and a wide-range of supply.
Established merchants, as well as budding entrepreneurs including housewives, college students and young graduates, can put up their own products or resell from an extensive range of products available on the supply platform. Small and medium businesses going online could boost the country’s growth by ten percentage points to 48 per cent by 2020.