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Glance, a subsidiary of InMobi Group and owner of video-sharing social media platform Roposo, on Monday said it is acquiring full stack e-commerce platform Shop101 for an undisclosed sum.
Shop101, founded by Abhinav Jain, Aditya Gupta and Kalpak Chhajed in 2015, is a full stack e-commerce company that brings a network of 10 million resellers and 10,000 supplier partners together, serving customers across over 2,000 towns across the country. The acquisition will provide Glance and Roposo end-to-end capability for launching celebrity and influencer-led Live commerce, as the company looks to transform mobile shopping experience for consumers globally, it said in a statement. "With Shop101's technology, partners and hugely talented team, we are in a great position to create this new form of mobile commerce at a global scale," said Piyush Shah, Co-Founder, InMobi Group, and President and COO. Shop101 employs nearly 300 professionals and is backed by Vy Capital, Stellaris Venture Partners, Unilever Ventures and Kalaari Capital. The move will also benefit Shop101's suppliers who can leverage Glance's more than 125 million daily active users to grow their businesses. "With Glance and Roposo, Shop101 will now be part of a company that shares our goal of transforming the shopping experience for millions of consumers globally," said Jain, Founder and CEO of Shop101. Even though it is still in an early phase in India now, the total addressable market for live and interactive commerce in the country is expected to surpass $40 billion by 2025. According to a recent report by leading management and strategy consulting firm Zinnov, Glance has the potential to be among India's largest video-first, LIVE, social, and interactive commerce platforms. Short-video talent platform Roposo has seen over 100 million downloads, and is used by close to 1.2 million content creators. --IANS na/ ( 306 Words) 2021-06-14-12:58:02 (IANS)
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