Today, E-commerce platform Amazon said that it has attained homegrown women-focused social commerce startup GlowRoad for a hidden amount. Amazon stated that the procurement would aid it to reach the affirmation to compute 10 million local Indian businesses within 3 years.
A representative of the company said, “Amazon progresses to take a look at new ways to compute India and delight customers, micro-entrepreneurs, and sellers, and bringing GlowRoad onboard is a primary step in this direction.” When the social commerce industry in India is rumbling, the procurement takes place with players such as Flipkart’s social commerce platform arm Shopsy and Meesho.
The company claimed that it will lend hand to speed up entrepreneurship, with GlowRoad, among millions of creators, homemakers, small sellers, and students across the nation. The company’s representative said that this procurement would accompany GlowRoad’s already adorable service with Amazon’s technology, infrastructure, digital payments capabilities, providing more coherence and cost-saving for everyone.”
As per a recent Accenture report, India will be among the fastest-growing markets in the space, as the global social commerce market is about to reach $1.2 trillion by 2025. India’s social commerce market is speculated to grow at a 59% compound annual growth rate to reach $17 billion in gross merchandise value by 2025.
GlowRoad consists of nearly 6 million resellers and two thousand cities currently. Recently, it has increased by approximately $32 million and has investors like Accel, CHD Investments, and Vertex Ventures.