Bulbul, a live video shopping app, announced that it has raised $8.7 million in Series A funding led by Info Edge. While Info Edge invested around $6.63 million, the remaining sum was poured in by Sequoia and Leo Capital, according to the Entrackr report.
Info Edge has entered an agreement to acquire 17.82% stake on a fully diluted basis, shows a stock exchange filing by the Noida-based public company. The investment will be executed via IE Venture Fund I. Info Edge had launched a Rs 100 crore fund in January to invest in early-stage startups.
Beijing-based alternative asset management firm CDH Investments is also an existing investor in BulBul. It’s not clear whether CDH has participated in the Series A round since investment from China now requires prior approval from the government.
Founded by Sachin Bhatia along with Atit Jain, Bulbul is a video and livestream led commerce platform that claims to make online shopping engaging and social. It features influencers who explain the product features and interact with customers to clarify their queries, helping them make a decision during a live broadcast.
The financing will bolster BulBul’s operations and accelerate its expansion plans. BulBul had raised early investment from Sequoia and Leo Capital.
Info Edge has invested in consumer-facing e-commerce companies after a long time. It invested in Happily Unmarried that diversified into men’s grooming through its brand ‘Ustraa’.
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