- The platform aims to use the funding for product development, growth increase, and product category expansion.
- ScoopWhoop claims to have 30 million monthly active users.
New Delhi-based content-commerce discovery platform HYPD Store has raised an undisclosed amount in a pre-seed strategic funding round led by digital media company ScoopWhoop.
HYPD Store will use the latest funding for product development, growth increase, and product category expansion, the company said in a press statement.
launched in 2020 by Ashwarya Garg and Akshay Bhatnagar, Hypd Store publishes content for direct to consumer (D2C) brands, with the target audience being those in the age group between 18 to 35.
HYPD store currently has 20k downloads, 50+ brands with a positive review of 4.9 on the Google Playstore. The platform claims to have worked with some D2C brands such as TheManCompany, Doodlage, PeeSafe, Fast&Up, Khadi Essentials, Flatheads, etc.
Commenting on the development, Ashwarya Garg, said, “We are delighted with the incoming strategic investment. In most cases companies act as a content company or a tech company; fortunately we are both. People love to buy, but don’t like to be sold. With Hypd’s unique content to commerce tech, conversions are up by 80%!.”
Speaking on the investment, Sattvik Mishra, Co-founder & CEO at ScoopWhoop, said, “We foresee a massive shift towards content-driven shopping, and Hypd Store is bridging the gap between discovery and transaction with a focus on creators; ScoopWhoop and Hypd are well-positioned to provide this today”.
“With e-commerce growing at a CAGR of 38.6% in FY’17 to FY’20, content to commerce channels are expected to make 15% to 20% of all e-commerce sales in the next 5 years,” the statement said.
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