Indian social commerce platform, Trell, has raised $45 million in a series B round of funding led by financial group Mirae Asset, H&M Group and co-led by LB Investments. It is the first Indian investment by H&M Group, according to reports in India’s local business media.
The social commerce platform, which incorporates user-generated short videos, images and articles, has more than 100 million downloads and over 50 million monthly active users on its app.
It features videos in eight regional languages garnering over 20 billion monthly views. By the end of this year, the platform is planning to launch in six more languages, expanding its footprint to over 2,000 cities and towns across India.
The social commerce space is certainly heating up in India, earlier this month, Walmart-owned Flipkart announced the launch of its own social commerce platform, Shopsy. Days later, group buying social commerce platform, DealShare, raised $144 million in a new financing round.
Further Reading: How to Plug Into India’s Dynamic E-Commerce Market
During lockdown Indian e-commerce platforms attracted a bonanza of international investment from the likes of Facebook and a fund backed by LVMH. What can fashion brands do now to tap into this complicated but colossal $43 billion opportunity?