Singapore-based social commence startup Bulbul has secured US$6.33 million from IE Venture Fund I. IE Venture Fund I, the investment branch of Info Edge announced the move when Info Edge was making a filing to the National Stock Exchange of India Limited on JULY 29, 2020.
When the deal is completed, Info Edge will own ordinary shares and compulsorily redeemable convertible preferred shares to the tune of 17.82 % in the startup.
The Startup’s existing investors include Sequoia Capital, Leo Capital and Surge among others.
Founded in 2019, Bulbul is a social commence platform which allow users to have a unique shopping through its video and livestream led platform. The company employ the services of influencers to explain features of products and also interact with users of the platform to bring them make a purchase decision during a livestream.
The 1-year-old startup reported a turnover of US$600,000 as of March 31, 2020, according to the filing. The Singaporean company plans to use the new secured funds to extend its operation to India.
Info Edge’s notable investments portfolio include foodtech unicorn Zomato, insurance aggregator PolicyBazaar, ed-tech venture NoPaperForms, and B2B e-commerce platform ShopKirana.