Social Commerce Platform Gobillion raises $2.9 million in its seed round of funding
- ByTejika Bajaj | December 23, 2021
Social commerce platform Gobillion announced that it has raised $2.9 million in seed funding from YCombinator, Pioneer fund and Tinder founder Justeen Mateen, who made the investment through his venture capital firm JAM Fund.
As per the statements, the funds raised will be used for scaling Gobillion’s business expansion, launching more categories, and strengthening its operations, product development, and technology teams.
“We are probably the first start-up from the [Indian] eastern region to be selected in a YCombinator cohort as most companies to be selected from India are either from Bangalore, Delhi or Mumbai. E-commerce players like Swiggy and Dunzo have always started out from a Tier-1 city like Bangalore and then tried to replicate that model in Tier-2 and beyond. The idea with Gobillion was to launch in Tier-2 so that the blueprint itself is faithful to what those geographies need,” said the Founder and CEO of Gobillion, Roshan Farhan.
The start-up began operations in Guwahati in February and sells essentials like groceries in a group-buying, meaning multiple users aggregate their purchases to place bulk orders for discounts and offers. According to the company, its total market size is 400 million users spread across Indian tier 2 cities and abroad.The company is aiming to expand to Bhubaneswar and Kolkata in the next six months and plans to reach 12 cities in the next one and a half years.
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