While the startup didn't reveal the financial details of the transactions, It aims to improve its platform and continue its mission of providing users with a seamless and engaging social commerce experience.
Revolutionizing social commerce
The digital retail landscape has experienced a seismic shift, with concepts such as “shoppable videos” and “interactive live commerce” captivating consumers and reaping substantial benefits for brands.
The startup said that shoppable videos seamlessly blend captivating video content with the convenience of direct purchase options, resulting in higher engagement and conversion rates. Interactive live commerce leverages the power of social media and online shopping to create personalized and community-driven experiences, fostering stronger consumer trust and engagement.
Recognizing this growing trend, Woovly has revolutionized social commerce with an approach that acknowledges the importance of keeping audiences engaged while simplifying the purchasing process.
Leveraging short-form video content
Launched in 2020 by Neha Suyal and J Venkat, Woovly is a social commerce platform for Tier 2,3 millennials powered by a creator community. Through Woovly, users can instantly discover and shop lifestyle products through short video content created by micro/nano influencers.
Neha Suyal and J Venkat, Co-founders of Woovly: “We are incredibly grateful for the support and confidence shown by Sony Innovation Fund, SOSV, RTAF, and ViNners in backing Woovly. This funding round will enable us to further enhance our platform and continue our mission of offering a seamless and engaging social commerce experience to our users. We are excited about the opportunities that lie ahead and look forward to taking Woovly to new heights in the industry.”
Exploring new market segments
The startup claims to have experienced exponential growth, with its user base surging by an impressive 600% over the past 18 months. It plans to expand its reach and explore new market segments such as fashion, home decor, and lifestyle categories.
Gen Tsuchikawa, CEO and Chief Investment Officer of Sony Ventures Corporation: “We are thrilled to be part of Woovly’s journey and support their vision for shaping ‘content-driven commerce’. Their innovative integration of immersive video content and seamless shopping experiences truly sets them apart and well positions them to capitalize on the rapid growth of India’s digital retail sector. We look forward to supporting the team as they pursue their next stage of growth.”
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