Bulbul, a video and livestream-led commerce platform, has raised $8.7 million financing led by Naukri parent Info Edge.
In a stock market filing, Info Edge said it has invested about $6.33 million (about Rs 47.3 crore) in Bulbul to pick up 17.82% stake on a fully converted and diluted basis. This investment has been made through the company’s recently launched $100 million venture capital fund.
The remaining capital has been pumped in by existing investors. Bulbul counts Sequoia Capital India’s Surge and Leo Capital among its investors.
“The IE Venture Fund I has acquired/agreed to acquire 416 ordinary shares and 2,002 series A1 compulsorily redeemable convertible preferred shares, through a mix of primary and secondary mode of acquisition,” Info Edge said in a regulatory filing.
Launched in December 2018 by TrulyMadly co-founder Sachin Bhatia, Gigstart co-founder Atit Jain and Hawa co-founder Sichen (Sianna) Liu, Bulbul aims to help consumers discover new products through a live and interactive e-commerce platform. It also features influencers who explain the product features and interact with customers to clarify their queries helping them make a decision during a live broadcast. The company has generated a turnover of Rs 4.5 crore in the financial year 2020.
Flipkart had also forayed into influencer-led video commerce with 2GudSocial earlier this month. Other players in this segment include Mall91, WMall, and SimSim.