Bangalore, November 27, 2023 – Woovly, a social commerce platform, announced an undisclosed funding round, with substantial investments from investors including Sony Innovation Fund, SOSV, RTAF, and ViNners.
In a bid to make content led commerce more interactive and seamless, Woovly has introduced concepts such as “shoppable videos” and “interactive live commerce” captivating consumers and reaping substantial benefits for brands. Shoppable videos seamlessly blend video content with the convenience of direct purchase options, resulting in higher engagement and conversion rates. Interactive live commerce leverages the power of social media and online shopping to create personalized and community-driven experiences, fostering stronger consumer trust and engagement.
Recognizing the power of these trends, Woovly has revolutionized social commerce by integrating shopping opportunities with immersive video content. This pragmatic approach acknowledges the importance of keeping audiences engaged while simplifying the purchasing process.
Launched in 2020 by Neha Suyal and J Venkat, Woovly has quickly emerged as the go-to social commerce platform in India.
The platform has experienced exponential growth, with its user base surging by an impressive 600% over the past 18 months. Furthermore, Woovly has achieved a 500% expansion in recent years. The key driver behind this growth has been Woovly’s effective utilization of micro and nano influencers, coupled with engaging and interactive short video content.
Neha Suyal and J Venkat, Co-founders of Woovly: “We are incredibly grateful for the support and confidence shown by Sony Innovation Fund, SOSV, RTAF, and ViNners in backing Woovly. This funding round will enable us to further enhance our platform and continue our mission of offering a seamless and engaging social commerce experience to our users. We are excited about the opportunities that lie ahead and look forward to taking Woovly to new heights in the industry.”
Looking towards the future, Woovly plans to expand its reach and explore new market segments such as fashion, home decor, and lifestyle categories. This commitment to innovation and adaptability underpins Woovly’s ambitious plans. As the digital landscape continues to evolve rapidly, Woovly serves as a case study in social commerce, emphasizing adaptability and evolution in a fast-paced market.
“We are thrilled to be part of Woovly’s journey and support their vision for shaping ‘content-driven commerce’. Their innovative integration of immersive video content and seamless shopping experiences truly sets them apart and well positions them to capitalize on the rapid growth of India’s digital retail sector. We look forward to supporting the team as they pursue their next stage of growth.”
Gen Tsuchikawa, CEO and Chief Investment Officer of Sony Ventures Corporation
About Woovly:
Woovly is a social commerce platform for Tier 2,3 millennials, powered by a creator community. Through Woovly, users can instantly discover and shop lifestyle products through short video content created by micro/nano influencers. Established in 2017 by Venkat J and Neha Suyal, Woovly is India’s leading social commerce portal, having grown by an impressive 500% in the last 1.5 years. Headquartered in Bengaluru, Woovly has expanded its user base by 600% in the last 18 months and aims to tap into the vibrant market of 200M consumers of short content.