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<ul><li><keyword id="6354743" type="General" weightage="20" keywordseo="amazon-india" source="Orion">Amazon India</keyword> on Friday confirmed the acquisition of <keyword id="4994766" type="General" weightage="20" keywordseo="glowroad" source="Orion">GlowRoad</keyword>, a women-focused <keyword id="623994" type="General" weightage="20" keywordseo="social-commerce" source="Orion">social commerce</keyword> company.</li><li>Several media reports suggest that GlowRoad was valued at $75 million in this deal.</li><li><keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> believes that the move will help the company achieve its goal to digitise 10 million businesses by 2025.</li></ul>Amazon India on Friday confirmed the acquisition of GlowRoad, a women-focused social commerce company. This is the first investment ecommerce giant Amazon has made to grow its social commerce vertical in India. Though the transactional details of the acquisition have not been revealed, several media reports suggested that GlowRoad was valued at $75 million in this deal. TechCrunch and Economic Times<a href="https://economictimes.indiatimes.com/tech/technology/amazon-acquires-reseller-platform-glowroad-to-bolster-social-commerce-ambitions/articleshow/90987418.cms?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=update&amp;ncode=84f1fd2cbcf57e646c4069c0e7654a795cdef8eacdf35ffc12176d234712e5a50eb7dce5cc8faf0dd69e01b8210009d59aff80b374da1320677d663dcc32d94d8f2bad7f26e87c038f3aa21855862ce3"> reports </a>also suggested that Amazon acquired the company in an all-cash deal. Amazon believes that the move will help the company achieve its goal to digitise 10 million businesses by 2025. “Amazon continues to explore new ways to digitise India and delight customers, micro- entrepreneurs and sellers and bringing GlowRoad onboard is a key step in this direction. Together with GlowRoad, Amazon will help accelerate entrepreneurship among millions of creators, homemakers, students, and small sellers from across the country. This acquisition will complement GlowRoad’s already loved service with Amazon’s technology, infrastructure, and digital payments capabilities, bringing more efficiency and cost-saving for everyone,” Amazon spokesperson told Business Insider. GlowRoad was founded in 2017 by Sonal Verma, Kunal Sinha, Nitesh Pant, Shekhar Sahu and Nilesh Padariya. The founders of the company, cumulatively, held close to 50% shareholdings in the company. Founders Verma and Sinha owned a relatively larger chunk among the other founders. The company has raised over $31 million to date, from marquee investors like Korea Investment Partners, Vertex Ventures, CDH Investments and RB Investments. Accel is the largest shareholder in the company, with nearly 19% stake, according to business intelligence platform Tracxn. The five-year-old startup raised its last round in November 2020, when it raised $7 million. GlowRoad is a social commerce network, which enables suppliers to sell their products to end customers through resellers across more than 20,000 pincodes in 2,000 cities. The company focuses on Tier II and III markets through resellers, who are typically housewives, temporary workers or students. According to the company’s website, a reseller can make up to ₹20,000 per month if they sell close to 100 products a month. It claims to have over 6 million resellers on the platform. The company competes with DealShare, CityMall and YouTube-owned SimSim. Meesho too was in the segment, but the company changed its business model to a full-fledged ecommerce platform. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/sustainability/article/by-commuting-less-heres-how-employees-and-companies-contribute-to-global-climate-change-and-sustainability-goals/articleshow/90994259.cms" style="">By commuting less, here’s how employees and companies contribute to global climate change and sustainability goals </a><a href="https://www.businessinsider.in/stock-market/news/hcl-tech-paytm-nestle-tvs-motor-among-stocks-to-watch-out-for-on-april-22/slidelist/90992626.cms" data-type="tilCustomLink" style="">HCL Tech, Paytm, Nestle, TVS Motor among stocks to watch out for on April 22</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-new-upcoming-phone-in-india-oneplus-10r-5g/articleshow/90994523.cms" data-type="tilCustomLink">Here's what the upcoming OnePlus 10R 5G will look like</a>

Amazon acquires its first social commerce startup in India

<ul><li><keyword id="7413619" type="UNKNOWN" weightage="20" keywordseo="mall91">Mall91</keyword>, Dealshare, CityMall, Bulbul, WMall along with the Facebook-backed <keyword id="3480589" type="PERSON" weightage="20" keywordseo="Meesho">Meesho</keyword>, have raised funds in the past few months. </li><li>Each of these startup is targeting the next 200 million consumers from smaller cities.</li><li>It all started with social media giant <keyword id="6354576" type="UNKNOWN" weightage="20" keywordseo="facebook">Facebook</keyword> investing an undisclosed amount in Meesho in June.</li></ul>The Indian <keyword id="623994" type="PERSON" weightage="20" keywordseo="social-commerce">social commerce</keyword> sector seems to be the latest ‘hot sector’ for investors. Many Indian startups – Mall91, Dealshare, CityMall, Bulbul, WMall along with the Facebook-backed Meesho, have raised funds in the last few months. Each of these startup is targeting the next 400 million consumers from smaller cities by leveraging on the expanding reach of social media platforms like Facebook and WhatsApp. With growing data penetration in India, social commerce is only set to grow. "Social commerce is basically a direct correlation to data penetration in the country. Today, everybody in Tier 2 and Tier 3 cities also has an availability of the internet. A long-time back shopping online was restricted to a certain population, today there is an exponential possibility due to the availability of the internet, everybody has access to it from every sector of the society,” said Roma Priya, Founder of Burgeon Law, a boutique law firm. Priya added that given that social commerce has a more one-on-one, viral nature is a great way for a trust deficient demographic to buy again. Funding galore Today, Mall91 has raised $7.5 million through its Series A funding round led by Go-Ventures and participation by Beenext, Kalaari Capital, AngelList India. With the latest funds, Mall91 aims to drive growth and plans to expand to other top 8 local languages of India. The company is also planning to grow its supply chain capabilities domestically and internationally. It all started with social media giant Facebook investing an undisclosed amount in Meesho in June. Meesho is a marketplace for resellers, and connects them with customers via social media channels like WhatsApp and Facebook. “With this investment in Meesho, we want to fuel a business model that can result in rapid job creation and the rise of a female entrepreneurial class in India," Facebook India head Ajit Mohan had then said in an <a href="https://www.livemint.com/companies/start-ups/facebook-invests-in-bengaluru-based-meesho-1560427873327.html">interview.</a> This was followed by Dealshare which raised $11 million from Matrix Partners, Falcon Edge Capital and others. Meanwhile, barely one year old social e-commerce platform CityMall which operates in local languages-- raised an undisclosed amount from Jitendra Gupta of Citrus Pay, Alvin Tse of Xiaomi, Manish Vij and Harish Bahl from Smile Group, Rishab Malik ex-co-founder of Droom, Rajesh Sawhney of GSF and M&amp;S Partners. In May 2019. Bulbul, which is a live social commerce app, raised $5 million in a round that was led by Sequoia. It is also a part of Sequoia’s accelerator programme. See also: <a href="https://www.businessinsider.in/facebook-invests-in-indian-startup-meesho/articleshow/69782285.cms">Facebook invests in Meesho showing that it will enter online e-commerce sooner than later</a>

Social commerce is the latest investor favourite as they target India’s next 400 million users

<ul><li><keyword id="6422582" type="UNKNOWN" weightage="20" keywordseo="Crypto-Exchanges">Crypto exchanges</keyword> in India are looking to form a new lobby and push for self-regulation.</li><li>This new coalition will be formed under IndiaTech, an industry body that represents other startups like Ola, MakeMyTrip, and Dream11.</li><li>Zebpay has confirmed its participation and other <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> exchanges are reportedly mulling it over.</li></ul>Crypto exchanges are joining hands to create a new lobby in India as regulatory uncertainty still looms overhead. And, this new lobby will be under the umbrella of IndiaTech — an industry body representing the country's leading internet startups like Ola, MakeMyTrip, Nykaa, Dream11, and more. <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Crypto exchange</a> ZebPay has already confirmed its plans to join IndiaTech while other exchanges are still mulling it over, according to the <a href="https://economictimes.indiatimes.com/tech/technology/top-crypto-exchanges-plan-multi-pronged-push-for-regulation/articleshow/83716658.cms">Economic Times.</a> The new lobby won’t replace the work already being done with the Internet and Mobile Association of India (IAMAI), but be another avenue for these nascent companies to make their case to the Indian government, banks and other regulatory authorities. CoinDCX, a competing crypto exchange, is already a ‘standard member’ of IndiaTech. Self-regulation may buy crypto exchanges sometime Regulating an industry like crypto is not a straightforward task. Intricate details of new legislation can take months or even years to be prepared. India’s <a href="https://www.businessinsider.in/tech/news/indias-new-data-protection-bill-makes-a-good-show-of-user-rights-but-can-it-deliver-on-its-promises/articleshow/81422687.cms">Personal Data Protection Bill</a> has been stuck in the pipeline for three years as concerns over data usage and privacy have continued to escalate. In uncertain circumstances, the government has opted for a unique approach to address its issues with self-regulation. With this, the government not only looks like it’s taken a stance against what it believes to be against the law, but it has also passed the buck onto the organisations themselves to stay in line. For instance, over-the-top (OTT) players like Netflix and Prime Video were asked to <a href="https://www.businessinsider.in/policy/news/self-regulation-code-adopted-by-disney-hotstar-amazon-prime-and-other-ott-platforms-what-is-this-code/articleshow/78009955.cms">self-censor the content</a> back in 2019. This bought them two years. Come 2021, the government issued the <a href="https://www.businessinsider.in/tech/news/indias-new-rules-for-ott-platforms-could-lead-an-increase-in-content-related-disputes/articleshow/81306652.cms">new IT Rules</a> that may solve grievance redressals but brings up issues of content-related disputes. Following the same strategy, IndiaTech introduced a <a href="https://www.indiatech.org/wp-content/uploads/2021/05/IndiaTech.org_Crypto_Policy_Proposal_2021.pdf">whitepaper</a> in May 2021, proposing a five-point framework to regulate or monitor the industry. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;">A new avenue to show the Indian government that crypto exchanges are serious about regulation</h2> Leading crypto exchanges in the country have also <a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-zebpay-crypto-and-others-are-setting-up-their-own-self-regulation-board-in-india/articleshow/83203195.cms">created</a> a new industry body called the Blockchain and Crypto Assets Council (BACC) under the aegis of IAMAI. These companies, which include Zebay, WazirX, and others have created self-regulating guidelines for money laundering, financial terrorism, and foreign exchange blunders. Until the government finds a solid regulatory body or framework, the self-imposed rules can help ease friction. Crypto exchanges and many experts have urged the government to consider <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-classification-in-india-as-asset-may-not-solve-regulation-problem/articleshow/83434444.cms">cryptocurrencies as an asset class</a>, removing any doubt that it could potentially affect the country's fiat currency -- the rupee. At the same time, crypto exchanges are in overtime mode, reaching out to the government, banks, financial institutions, and more to seek acceptance and make way for a crypto future. <h2 style="line-height:1.38;margin-top:18pt;margin-bottom:6pt;">Uber, Ola, Dream11 and others went through similar hurdles</h2>India is infamous for its bureaucracy and red tape, a hurdle that every startup on the cusp of innovation has had to deal with. <a href="https://www.businessinsider.in/business/startups/news/uber-and-ola-are-not-acting-as-a-cartel-says-india-supreme-court/articleshow/79751539.cms">Uber and Ola</a> faced a hard time getting legal protection or approval. The entire country was under the control of cab mafias and unions that restricted a free market-like play. A considerable amount of dialogue and convincing was required to make cab-hailing services the new norm. Similarly, Dream11 faced a <a href="https://www.businessinsider.in/dream-11-gets-a-big-boost-from-bombay-hc-verdict/articleshow/69858772.cms">unique challenge</a> of operating its business since betting is considered illegal in the country. How do you pitch fantasy sports and their prediction as not ‘gambling’? The company defended its model by saying users require skills to make informed or correct decisions, improving their winning chances. In line with the stock market, it's a healthy mix of fundamental knowledge and market-based speculation. Today, a plethora of players like MPL, CricPlay, and more are leading the segment. And, <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto exchanges</a> want to paint a picture of being like any of these other startups by associating themselves with IndiaTech. Just as these other services were too unique to be judged from the top, crypto exchanges too are merely ahead of their time. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/citymall-a-startup-that-helps-budding-entrepreneurs-start-their-ventures-on-whatsapp-has-raised-over-22-million/articleshow/83741383.cms">CityMall, a startup that helps budding entrepreneurs start their ventures on WhatsApp, has raised over $22 million</a> <a href="https://www.businessinsider.in/cryptocurrency/news/investments-in-crypto-hit-17-billion-in-the-first-six-months-of-2021/articleshow/83740327.cms">Investments in crypto hit a new record of $17 billion, but Indian funds are yet to jump on the bandwagon</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-and-amazon-may-not-be-able-to-do-flash-sales/articleshow/83737670.cms">Amazon, Flipkart and other e-commerce platforms may not be able to do flash sales any more, if Indian government has its way</a>

There’s a new Indian crypto lobby in the making and Zebpay has confirmed its participation

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Amazon acquires its first social commerce startup in India

Kritti Bhalla

Social commerce is the latest investor favourite as they target India’s next 400 million users

Sanchita Dash

There’s a new Indian crypto lobby in the making and Zebpay has confirmed its participation

Shivam Vahia

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