Welcome to Top Store

Best Products at Best Prices


No products in the cart.

Club Factory raises $100 mn in Series D funding, Retail News, ET Retail

Club Factory raises $100 mn in Series D funding New Delhi: E-commerce player, Club Factory has raised $100 million in a Series D round of financing led by venture capital firm Qiming Venture Partners including Bertelsmann, IDG Capital, and other Fortune 500 companies from USA and Asia, the company said in a statement.

According to app download and usage data from App Annie, Club Factory recently surpassed Snapdeal to rank among the third-largest e-commerce shopping apps in India, next to Amazon and Flipkart.

“Club Factory offers local sellers 0% commission Marketplace platform, and any legally qualified Indian seller can sell on Club Factory. At the same time, 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. All this, combined with our strategy to reduce the transaction costs of buyers and sellers and allow more local players to enter the ecosystem, has worked very well for us in India,” said Vincent, founder, and CEO of the company.

“India has the world’s second-largest population with the purchasing power parity (PPP) ranking third worldwide. A huge market like this undoubtedly has diversified market demand, but many players pursue a narrow range of products through a closed ecosystem. Indian customers also need another kind of e-commerce platform – a more open one – which provides more options to customers and more vitality to the e-commerce field. This is why Club Factory has been able to rapidly grow in India”, Vincent added.

According to the company, it has achieved more than 10 times growth in the past six months for its Indian SME business. The rapid growth of Club Factory in the Indian market is primarily due to its zero-commission strategy, where the sellers are able to transfer the cost-benefit to the users, it said.

Source link