A woman-centric C2C reseller network, GlowRoad today said it has raised $2 million in series A funding from Accel Partners. The startup will use raised funds for acquiring more resellers and developing its technology platform, founder Sonal Verma said in a statement to ET.
“GlowRoad is the first startup to get VC funds in C2C space in India. As consumers become more internet aware even in tier-II and tier-III cities, C2C is going to become a popular way of doing business,” said Shekhar Sahu, board advisor, GlowRoad.
GlowRoad, run by Bengaluru-based Accelerator Enterprise Pvt Ltd, is a network for women, especially housewives, who can sell products in their neighbourhood. Earlier the platform was known as LocalQueen.com, was run by group of IITians and IIM grads before being acqui-hired two months back by the current founder Dr Sonal Verma who rebranded it as GlowRoad.com.
GlowRoad platform empowers women by helping them earn from home in a secure system with zero investment, while manufacturers and suppliers get a national sales network virtually free. It has emerged as a significant player in the e-commerce market
Commenting on the development, Prashanth Praskash, partner at Accel India said, “India has a large percentage of women who want flexibility and aspire to be self-employed. On the supply side, we lack organized efficient distribution platforms that can tap this unique cost-effective network.”
According to Verma, the startup currently has 1,00,000 registered members, out of which 36,000 are active women resellers.