Offline to online social commerce startup, based in Mumbai, Coutloot has announced that it has raised $8 million in a Ameba Capital led pre-series funding round..
Other investors including 9Unicorns, SOSV, Astarc Ventures, along with existing investor Venture Catalysts also participated in the funding round.
Speaking on the investment, Kevin Wang, Managing Partner – Ameba Capital, commented, “Coutloot has best addressed the needs from the rising consumption of 500 million-plus Tier II,III Indian population, by converging online and offline retail. The incoming fast 4G mobile rollout in the country will land successes like what’s happened in China, like Taobao, Tmall, and Pinduoduo or even Tiktok creating conversational social commerce supported in India’s local languages.”
Jasmeet Thind, Co-founder and CEO of Coutloot, added, “We are here to humanise ecommerce in India that is still just 10 percent of the total retail and FMCG sector. Most commerce still happens offline for various reasons, including low trust and bargain. Coutloot helps sellers and buyers with that power to decide the prices after a bargain on the chat. We are trying to create Coutloot as India’s Taobao, which is one of fascinating the ecommerce success stories around the world.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.