E-commerce big Amazon acquires Indian social commerce startup GlowRoad




E-commerce big Amazon on Friday stated that it has acquired homegrown women-focused social commerce startup GlowRoad for an undisclosed sum.


In an announcement, the corporate stated the acquisition will assist it meet the dedication to digitise 10 million native Indian companies by 2025.





“Amazon continues to discover new methods to digitise India and delight prospects, micro- entrepreneurs and sellers and bringing GlowRoad onboard is a key step on this course,” an organization spokesperson informed IANS.


The acquisition comes at a time when the social commerce trade in India is booming, with gamers like Flipkart’s social commerce platform arm Shopsy and Meesho.


Amazon stated that with GlowRoad, it’s going to assist speed up entrepreneurship amongst hundreds of thousands of creators, homemakers, college students, and small sellers from throughout the nation.


“This acquisition will complement GlowRoad’s already liked service with Amazon’s know-how, infrastructure, and digital funds capabilities, bringing extra effectivity and cost-saving for everybody,” stated the corporate spokesperson.


GlowRoad just lately raised practically $32 million and has buyers like Accel, Vertex Ventures and CHD Investments, amongst others.


The platform has over six million resellers and is current in additional than 2,000 cities.


A current Accenture report stated that as the worldwide social commerce market is ready to succeed in $1.2 trillion by 2025, India shall be one of many quickest rising markets within the house.


The report stated that India’s social commerce market is anticipated to develop at a 59 per cent compound annual development charge (CAGR) to succeed in $17 billion in gross merchandise worth by 2025.


–IANS


na/svn/

(Solely the headline and film of this report could have been reworked by the Enterprise Customary employees; the remainder of the content material is auto-generated from a syndicated feed.)

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