SimSim, a video commerce app founded by former Paytm, McKinsey and Foodpanda executives, has raised Rs 43.49 crore (about $6 million) in a Series A funding round jointly led by Accel India and China-based Shunwei Capital.
Accel and Shunwei invested Rs 17.91 crore each in SimSim, with both taking a 12.5% stake in the company, digital media platform Entrackr reported, citing filings with the Registrar of Companies.
Good Capital also participated in the round, investing Rs 7.16 crore, while high net-worth individuals Sunil Kalra and Samarth Bedi invested Rs 20.4 lakh each in the startup, according to the report.
SimSim, operated by SZS Tech Pvt. Ltd, was founded by Amit Bagaria, Kunal Suri and Saurabh Vashishtha.
This is Shunwei’s second investment in a social commerce platform. In November last year, it took part in a $50 million Series C funding round in the Bengaluru- and California-based Meesho.
Investments in SimSim and Meesho indicate strong investor interest in the social commerce segment, as more companies cater to niche audiences and middle- and lower-income segments from non-metropolitan cities.
In August, Meesho said it raised $125 million in a round led by South African tech conglomerate and investor Naspers. In June, Facebook invested in Meesho five years after first acquiring an Indian startup, Little Eye Labs.
Last month, at least two social commerce startups raised funding. HappyShappy raised seed funding from a clutch of high-profile investors including Beerud Sheth, Samuel Choi, Shivashish Chatterjee and Yuvraja C Singh.