BENGALURU: Live video shopping platform, Kiko Live has raised $1 million as part of its Pre-Series A round from GSF Accelerator, a global venture capital fund, SOSV, and Venture catalysts.
The round also saw participation from Dinesh Agarwal, chief executive officer of IndiaMART, and Amarjit Batra, managing director of Spotify India.
“We are delighted to be a part of the GSF Accelerator portfolio. The funding will be utilized to scale up technology and marketing and onboard Live sellers on the platform,” Shivam Varshney, co-founder and chief executive officer at Kiko Live.
Kiko Live is a video shopping platform that enables local sellers to open an online store. It also enables a two-way interactive shopping experience, allowing customers to enter a shop virtually and engage with as well as get assistance from sellers.
“Kiko Live solves the online selling problem of millions of small retailers which is nearly a $1 trillion business in India. We believe their solution is simple and easy to adopt by sellers and being early movers in this space gives them a great advantage,” said Rajesh Sawhney, founder and chief executive officer of GSF Accelerator.
“There is no better influencer to sell products than the shopkeeper himself. The Kiko Live app brings your entire local market into your palm, and we believe Kiko Live is the best retail solution available for shops, and we are happy to back them in their growth journey,” said Dinesh Agarwal, founder and chief executive of IndiaMART.
Over the past months, short video apps have been actively looking at creating new monetisation streams through introducing live commerce on the platform.
Mint reported in October that InMobi’s Roposo has pivoted from the crowded short-video market and has introduced live commerce on the platform. The platform is expected to sharpen focus on live video and commerce in the coming months.
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