BulBul bags $8.7 million in a funding round led by Info Edge
While Info Edge invested around $6.63 million, the remaining sum poured in by the existing investors that include Sequoia and Leo Capital.
The fund will acquire ordinary shares and compulsorily redeemable convertible preferred shares in the startup, through a mix of primary and secondary mode. It will hold a 17.82 per cent
Founded by the co-founder of MakeMyTrip and TrulyMadly – Sachin Bhatia along with Atit Jain, BulBul was incorporated in July last year. It is a video and live streaming-led commerce platform that seeks to help online shoppers discover new products. It had revenue of Rs 4.5 crore for 2019-20, according to reports.
The financing will reinforce BulBul's operations and accelerate its expansion plans. Akin to other e-commerce businesses, BulBul has also been facing steep fall in orders since March due to Covid-19 pandemic.
However, social commerce companies are recovering at a fast pace because of the festive and wedding seasons.
BulBul had raised early investment from Sequoia and Leo Capital. Entrackr had exclusively reported about BulBul launch as well as its seed round. It was also a part of Sequoia's first cohort of accelerator program – Surge.