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Social commerce startup Woovly secures funding

Woovly, India’s leading social commerce platform, is excited to announce a significant funding round with major investments from renowned investors like Sony Innovation Fund, SOSV, RTAF, and ViNners.

While specific investment figures remain undisclosed, these substantial investments signify a decisive vote of confidence in Woovly’s significant growth potential and reaffirm its pioneering position in the social commerce industry.

The digital retail landscape has undergone a significant shift, embracing concepts like “shoppable videos” and “interactive live commerce,” capturing consumers’ attention and delivering substantial benefits for brands.

Shoppable videos seamlessly combine engaging video content with direct purchase options, leading to increased engagement and conversion rates.

Interactive live commerce harnesses the power of social media and online shopping to create personalized, community-driven experiences, cultivating more vital consumer trust and engagement.

Recognizing the influence of these trends, Woovly has transformed social commerce by blending shopping opportunities with immersive video content. This practical approach acknowledges the significance of maintaining audience engagement while streamlining the purchasing process.

Established in 2020 by Neha Suyal and J Venkat, Woovly has rapidly become India’s preferred social commerce platform. As a comprehensive hub for discovering and obtaining beauty and personal care products, Woovly attributes its success to the impact of micro and nano influencers harnessed through short-form video content.

Experiencing exponential growth, the platform has witnessed a remarkable 600% increase in its user base over the last 18 months. Even more impressively, Woovly has achieved an astounding 500% expansion in recent years. The primary catalyst for this exceptional growth has been the platform’s effective use of micro and nano influencers, combined with engaging and interactive short video content.

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.”   

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.”

Woovly plans to broaden its horizons and venture into new market segments, including fashion, home decor, and lifestyle categories. This dedication to innovation and adaptability forms the foundation of Woovly’s ambitious goals. In the rapidly evolving digital landscape, Woovly is a notable example in social commerce, highlighting the importance of adapting and growing in a fast-paced market.

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BRL Editor
BRL Editorhttps://businessreviewlive.com
Business Review Live covers finance, technology, travel, lifestyle, and everything in between through exclusive interviews and analysis, market statistics, digital video, and an expanded array of content formats.