Club Factory, an e-commerce giant, has secured $100 million (approx INR 710 crore) in series D funding round led by Qiming Venture Partners, Bertelsmann, IDG Capital and other Fortune 500 companies from US and Asia, reported Inc42.
Club Factory said that it would be focussing heavily on expanding its open ecommerce platform for the Indian market, which it says is a major focus behind Club Factory’s growth in India.
The company Club Factory also claims to be the third largest e-commerce shopping app in India.
“We have also pioneered to strengthen the “store-within-platform” concept in India’s e-commerce industry, allowing direct contact between buyers and sellers through our application. We have changed the status of the Indian e-commerce industry that monopolized information of buyers and sellers, allowing SMEs to own their customers and run their business better,” Vincent Lou, founder and CEO at Club Factory, said.
Lou further added that the 0% commission strategy has made the marketplace more democractic, letting any legally qualified Indian seller to sell on the platform.
Club Factory was founded and started by Vincent Lou in 2014. The platform claims to be the largest cross-border eCommerce platform in many developing countries including India.
Club Factory has more than 70 million users.
The platform Club Factory also claims to have achieved more than 10x growth in the past six months for its Indian SME business.
Club Factory further says it would further enhance its open platform strategy with the round of funding, expanding its products portfolio to deliver more across different categories.
Adding on, other significant e-commerce giants including Club Factory include Amazon, Flipkart, Myntra, Jabong, Snapdeal, and many more.