BulBul, a vernacular e-commerce startup, has bagged INR 105 crore in funding round led by Sequoia’s early accelerator programme Surge, reported Inc42.
Apart from Surge, other investors, who participated in the round include Leo Capital, CDH and Sequoia India.
Sachin Bhatia, founder and CEO at BulBul, while mentioning Sequoia’s Surge, said, “We look forward to welcoming one of India’s most revered entrepreneur and his fund to this elite group, as part of our current INR 105 Cr funding round.”
BulBul was founded by Sachin Bhatia, Atit Jain and Sichen Liu in 2018. The platform BulBul is a vernacular live streaming ecommerce platform.
The company BulBul enables hosts, sellers and consumers to use Bulbul as a platform to create videos, go live, sell products and services and for consumers to consume content and make informed purchase decisions.
Bhatia further said that the company launched the product in March 2019 and have scaled the business exceedingly fast.
He further added that the company has already recorded GMV worth INR.15 Cr, serviced over 280K customers and 400K transactions, with very high gross margins.
“Forty percent of our team is now women, in addition to the 100s of female hosts across the country who create and distribute product videos for us. Over time we see these hosts becoming key drivers of our business with the potential to generate substantial income for themselves,” Bhatia said.
Hence, as per the report by Statista, over 500 million Indians rely in Internet on daily basis, shopping online has become a fixed option, and over 2.14 billion people globally are expected to buy goods and services online in coming two years.