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Platform for social commerce in India Trell obtains $45 million in funding from Mirae Asset, H&M, and others.
Unsplash photo by Hannah Morgan
Suneera Tandon is the author of this piece.
13th of July, 2021
Trell, a social commerce platform, has raised $45 million in a Series B round of funding headed by banking organization Mirae Asset and H&M Group, with LB Investments on board as a co-lead. Previous investors, as well as KTB Network, Samsung Ventures, and Fosun RZ Capital, took part in this round, according to the business.
The lifestyle-focused social commerce platform has now raised $62 million in total, with content available in eight regional languages.
Trell intends to use the funds to expand its workforce and further develop its artificial intelligence and machine learning capabilities across regional languages. According to the corporation, the funding would also aid in the establishment of community and commerce projects.
The social commerce platform plans to debut in six more languages and expand its footprint to over 2,000 cities and towns in India by the end of this fiscal year.
As India’s ban on the Chinese short video app TikTok went into effect last year, Trell’s user base grew. As a result, various domestic short video platforms have gained popularity in the country.
‘Over the last six months, we’ve been using our in-house AI and machine learning technology, as well as neural networks, to develop user psychographics based on their platform behavior patterns. This allows us to present them with individualized content and product recommendations,” said Arun Lodhi, Trell’s co-founder and chief technology officer.
Trell has a monthly active user base of over 45 million people and over 100 million downloads. Users can interact with others, discover lifestyle trends, and exchange content related to their interests in areas such as beauty, fashion, wellness, health, food, TV reviews, travel, and gadgets, among others.
Trell also debuted its social commerce component on the app in August 2020, which allows users to view tailored product recommendations in the categories of beauty, personal care, and wellness. They can then buy things directly from the app.
Over the last six months, Trell has onboarded over 500 personal care and beauty companies, including Maybelline, L’Oréal, and Garnier.
According to a recent research by Jefferies, social commerce will become more mainstream in the United States. The market is still small, with a value of $1.5-2 billion.
According to a previous analysis by Bain and Company and Sequoia India, social commerce in India is expected to reach $16-20 billion in gross merchandise value (GMV) over the next five years.
As more Indians go online and discover new methods to shop, social commerce is gaining popularity and emergence.
Apart from a slew of start-ups like Meesho, Mall91, Shop101, Dealshare, and Bulbul, companies like WhatsApp and Instagram are monetizing.
On the other side, brands are monetizing the reach of such platforms by engaging with content creators across several apps and languages.
“Trell has become a launching pad for many up-and-coming D2C brands and advertisers, who are leveraging our network of regional content creators to advertise their products and services on the platform,” said Bimal Kartheek Rebba, Trell’s Co-founder and COO.
By 2022, Trell plans to work with over 2,000 businesses through regional content creators, according to him.
According to Nanna Anderson, Head of H&M CO:LAB, the H&M Group’s investment arm, “Social Commerce is a very exciting and expanding field within the retail industry in India and globally.”
The original version of this article appeared in livemint.
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