Indian SimSim gets US$16 million in funding in 7 months
Indian social commerce startup SimSim has disclosed information about its funding. In just seven months since launch the company has managed to secure US$16 million in funding.
The funding comes from three rounds: seed, Series A and series. The group of big investing VC funds include Shunwei Capital, Accel and Good Capital.
The company from Gurgaon hopes to tackle one of the big issue, that is impacting Indian e-commerce. Many consumers still do not trust online marketplaces enough, and remain unconvinced about the descriptions of the goods. SimSim aims to fix it with the power of popular human faces.
Platform employs influencers, who record short videos while trying out the products themselves and describing them in understandable words. Users can see how the clothes actually look, know how the cosmetics feel etc. They can also follow selected influencers and get notifications about future sales and deals.
There are currently 1 200 influencers working on the platform. According to the company’s plans, this figure will grow to 100 000 in 2020. SimSim has already attracted over a million customers, mostly from small and remote towns and villages.