Social commerce platform Coutloot raises $8M from Ameba Capital, 9Unicorns, and others

• ByAyushi Ray     |    September 10, 2021

Social commerce platform Coutloot raises $8M from Ameba Capital, 9Unicorns, and others. In its statement, Coutloot said the new funding is a precursor to a bigger $25 million round to be closed soon. The startup plans to use the funding for launching more services for retailers such as working capital solutions, video-stories commerce features, scaling it’s B2B supply chain, and stepping up hiring activities across verticals, including tech, marketing, and leadership roles. The company said that it wants to build India’s largest online buying and selling platform akin to Alibaba Group’s Taobao. Founded by Jasmeet Thind and Mahima Kaul, Coutloot allows buyers and sellers to bargain while shopping.

It helps sellers list non-MRP (non-fixed-price), unbranded local market products across fashion, electronics, home decor, sports, and other boxed categories that make up for 75 percent of India’s retail sector at present, and is the total addressable market for Coutloot, according to the company. With its differentiating feature of ‘bargaining,’ something that Indian consumers love, Coutloot’s app allows buyers to chat in their preferred language, which gets translated into the seller’s preferred language, it added. On investing in Coutloot, Kevin Wang, Managing Partner at Ameba Capital, said: “Coutloot has best addressed the needs from the rising consumption of 500 million-plus Tier II,III Indian population, by converging online and offline retail. The incoming fast 4G mobile rollout in the country will land successes like what’s happened in China, like Taobao, Tmall, and Pinduoduo or even Tiktok creating conversational social commerce supported in India’s local languages.”

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