Accel, Vertex Ventures infuse fresh funds into Indian social commerce startup GlowRoad

The deal was executed in May, said the report, adding that the US-based VC firm Accel had invested US$3 million while the Singapore-based Vertex Ventures and IND Fund had infused US$2 million each into the company.

This latest round takes GlowRoad’s valuation to around US$75 million, as per the report.

In 2017, GlowRoad secured US$2 million in series A funding from Accel Partners, followed by a US$10 million series B round led by Chinese investment firm CDH Investments and a US$11.5 million series B+ round from South Korea-based Korea Investment Partners and Vertex Ventures last year.

Formerly known as LocalQueen.com, the company was acquihired by co-founder Sonal Verma in 2017 and rebranded as GlowRoad. It’s a customer-to-customer reseller app for housewives and graduate students that has acquired over 6 million resellers, 20,000 suppliers, and 18 million buyers across 2,000 cities in India, according to its website.

See also: India’s social commerce startups are dodging Amazon, Flipkart

Similar players in the country include Sequoia Capital India-based Meesho and Shop101, which secured US$3.9 million in its ongoing series C funding round from Stellaris Venture Partners India, Unilever Venture Holdings, Kalaari Capital Partners, and VY Capital Holdings Limited in March.