Social Commerce Startup Bulbul Raises US$8.7M Led By Info Edge

1-year-old Bulbul had a turnover of a little over US$600,000 as of March 31, 2020

In a filing to the National Stock Exchange of India Limited yesterday, Info Edge (India) Ltd. declared that IE Venture Fund I, Info Edge’s investment arm that focuses on tech startups, has entered into an agreement to invest US$6.33 million in Singapore-based livestreaming and video-based shopping platform Bulbulive Shopping Network Pte Ltd.

According to the filing, Info Edge’s investment was part of a bigger funding round in which Bulbul raised $8.7 million with the remaining amount coming from existing investors. Bulbul’s existing backers include Sequoia Capital, Leo Capital and Surge among others.

The latest investment will be used to expand Bulbul’s business in India, according to the filing. Furthermore, after completion of the transaction, Info Edge, the parent company of job portal Naukri.com, will own a 17.82% stake in Bulbul.

Incorporated in July 2019, Bulbul aims to make online shopping an engaging and social experience through its video and livestream led commerce platform. The startup also features influencers to explain product features and interact with consumers to help them make purchase decisions during live broadcast.

The global pandemic has created massive opportunities for ecommerce around the world as most people went online to buy daily necessities in light of the social distancing norms and lockdown restrictions.

While livestreaming in retail originated in China, it has spread rapidly through Asia in the last two years, which has been further accelerated by the pandemic. According to China’s Ministry of Commerce, there were more than 4 million livestreams in China in Q1 2020.

As customers resort to online shopping, they are still looking for the traditional social experience of shopping offline. Livestreaming is a powerful tool for businesses that aims to replicate the engaging experience online, while helping retailers to widen their reach, stay connected with highly social customers, build a loyal customer base, and monetize a different source of revenue.

The 1-year-old startup had a turnover of a little over $600,000 as of March 31, 2020, according to the filing. With India having the fastest ecommerce growth in the APAC region pre-COVID, Bulbul has immense opportunities to establish itself in the market, and aims to be the equal of ecommerce giants like Amazon and Flipkart.

Apart from Bulbul, InfoEdge’s notable investments include foodtech unicorn Zomato, insurance aggregator PolicyBazaar, ed-tech venture NoPaperForms, and B2B e-commerce platform ShopKirana.

Header image courtesy of Bulbul

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

Can AI Help You Flirt Better

Can AI Help You Flirt Better?

“Excuse me, but I think you dropped something: my jaw.” This is the pick-up line the famous artificial intelligence (AI) chatbot ChatGPT dished out when we asked for some viable options. Not the most original, sure, but not bad for a trained algorithm.

4 Popular Companies Offering the Best Vacation Policies

4 Popular Companies Offering the Best Vacation Policies

The work-life balance is becoming increasingly important to many employees, and a comprehensive and generous vacation policy plays a crucial role in achieving this balance. Vacation time gives employees the chance to recharge, pursue personal interests and reap numerous benefits, such as increased job satisfaction, reduced stress and improved overall well-being

Is Using AI for Academic Writing Cheating?

Is Using AI for Academic Writing Cheating?

From films written and directed by ChatGPT to Kindle authors writing books with artificial intelligence (AI), we are seeing more and more reportage on AI writing tools these days. While writing with an AI may seem harmless and possibly helps improve work efficiency, the use of these tools in the sphere of academic writing has generated serious concern. Teachers are worried that the use of AI writing tools is equivalent to plagiarism or cheating.

7 Creative Ways to Reward Employees without a Salary Raise

7 Creative Ways to Reward Employees without a Salary Raise

Giving your employees a raise is a significant way to show your employees that you value their work and compensate them appropriately for their contributions. Failing to acknowledge the work of your employees can be ‌costly for startups. A OnePoll survey of 2,000 workers found that almost half of ‌American workers (46%) have quit a job due to feeling unrecognized