Live Commerce SaaS platform Swirl has raised USD 250,000 in a pre-seed funding round led by global strategic investors and angels based in the US, Singapore, Middle-East and Europe. Investors include Asheesh Khaneja – Ex WW Executive IBM, Siddarth Razdan – Founder Indianivesh FirstBridge Fund, Vineet Sharma – VP Brandscope (Dentsu), Nirmal Shah – Prism Advisory, Gaurav Agarwal – Freedom Financial Network, and others.
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The funds will be used to support the company’s growth in India, and optimize its multi-cloud video commerce technology platform that enables retailers to empower their in-store associates to provide an immersive video shopping experience for a global audience. Swirl has over 100+ clients in India such as Fabelle by ITC, Unlimited Fashion by Arvind, GIVA, Zariin, and recently also signed up a Finnish fashion brand Ivana Helsinki.
“Wherever the end consumer is involved, Live Commerce will play a major role in enabling sales by bridging the online-offline divide. Right now it may be eCommerce, but if other industries such as Financial services Real-Estate, Automobile, Travel and Hospitality, etc adapt, then we are potentially looking at $1Trillion opportunity at play here which means video led sales engagement models will occupy 10-15% of global eCommerce market share by 2025,” said Kaizad Hansotia, Founder and CEO.
The company witnessed a 300% QOQ growth this year and will soon begin to raise an institutional round for ramping up its growth and expand to multiple categories beyond eCommerce as it aims to officially enter the US and European markets by early 2022, with a goal to become one of the top 5 players worldwide who are pushing the boundaries of technology with experiential commerce.
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“I believe the Swirl Live Video Shopping solution is ready for global adoption. Its diverse use-cases across multiple verticals such as fashion, beauty, lifestyle, jewellery, luxury and beyond, have an immediate topline impact and increased conversion rates. The ROI is just amazing for both SMB’s and large enterprises that are building their direct-to-consumer channels,” said Asheesh Khaneja.
Founded in 2017, by Kaizad Hansotia and Bheshaj Joshi, Swirl helps brands convert 3X more customers using Shoppable Videos, Livestream shopping and 1:1 Virtual Shopping. The technology is state-of-the-art, infinitely scalable and contains a proprietary layer on top of video using Text, Chat, WhatsApp, SMS, and Voice to make the entire shopping experience human-like.
Swirl offers businesses full control over the customer data and allows them to get real-time engagement analytics and post-show data points to optimise campaigns for future sales. Plus it easily integrates with any website be it on Shopify, WooCommerce, or any other custom eCommerce / CRM platforms without writing a single line of code.
“I think video social interactive commerce is an idea whose time has come and 5G will only accelerate this trend. Happy to be a part of Swirl’s journey to becoming a global leader in this space,” said Siddarth Razdan.