The company will use the funds to ramp up its business expansion plans, launch more categories, and strengthen its operations, product development, and technology teams.
Other marquee global investors who participated in the round include Soma Capital, Goodwater Capital, Olive Tree Capital, Chris Golda Investments, Oliver Jung, Venture Souq, Shanti Mohan (founder – LetsVenture) and Vikas Choudhury (president, Reliance Jio).
Founded in 2020 by Roshan Farhan and Kulapradip Bharali, Gobillion enables customers to buy together in social groups and unlock deals.
“The company aims to build extensive social and gamified e-commerce experience that can best cater to the needs and aspirations of customers in small towns in India and South-East Asia,” it said in a release. The company is targeting the next 400 million customers living in tier II cities in India.
“The next frontier of growth and opportunity is enabling commerce for customers in small towns in India – we are well-positioned to unlock rapid growth and delight customers with our offerings. We will be leveraging the capital to put our long-term plans into action and create a strong foundation for our business,” said Roshan Farhan, cofounder and CEO, Gobillion.
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Gobillion will launch its services across 12 cities in the next 18 months while scaling across 100 more cities in the upcoming four to five years, it said.