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E-commerce player Club Factory raises $100mn in series D funding
Business

E-commerce player Club Factory raises $100mn in series D funding

Agency News

New Delhi, Oct 11 : Leading e-commerce player Club Factory on Friday said it has raised 100 million dollars in a Series D round of financing led by leading venture capital firm Qiming Venture Partners and other top investors.

The investors have a strong global vision with a key focus of investing in the India market, including Bertelsmann, IDG Capital, and other Fortune 500 companies from USA and Asia, the e-Commerce giant said in a statement.

Speaking about the development, Club Factory Founder and CEO Vincent said, “Club Factory offers local sellers zero percent commission Marketplace platform, and any legally qualified Indian seller can sell on Club Factory. At the same time, we have also pioneered to strengthen the ‘store-within-platform’ concept in India's e-commerce industry, allowing direct contact between buyers and sellers through our application.”

“India has the world’s second-largest population with the purchasing power parity (PPP) ranking third worldwide. A huge market like this undoubtedly has diversified market demand, but many players pursue a narrow range of products through a closed ecosystem. Indian customers also need another kind of e-commerce platform – a more open one – which provides more options to customers and more vitality to the e-commerce field. This is why Club Factory has been able to rapidly grow in India,” Mr Vincent added.

Club Factory aims to further enhance its Open Platform Strategy post this new round of funding round by expanding its range of products to deliver more offerings in different Categories, the company said.

The platform also looks to attract more local sellers and enhance its data technology capability to make Indian retail more efficient, it added. (UNI)