Global technology and eCommerce giant Amazon acquires fast-growing online reselling platform GlowRoad. Neither company provided any information regarding the valuation of this recently signed acquisition deal.
Experts suggest that this is a step by Amazon to further strengthen its offerings and capabilities to compete against similar emerging platforms like Meesho and Flipkart’s recently launched Shopsy.
According to an Amazon spokesperson, GlowRoad’s highly popular service will be enhanced by Amazon’s technology, infrastructure, and digital payment capabilities, resulting in increased efficiency and cost savings for everyone.
India is one of the largest global eCommerce consumers, and the market has witnessed tremendous growth over the last few years. The reselling sectoring in the eCommerce industry has also grown exponentially thanks to several platforms like Meesho.
Therefore to establish a presence in this domain, Amazon will use GlowRoad’s platform and improve it using its expertise to provide an unmatched shopping experience to its customers.
An Amazon spokesperson said, “Amazon continues to explore new ways to digitize India and delight customers, micro-entrepreneurs, and sellers, and bringing GlowRoad onboard is a key step in this direction.”
The spokesperson further added that Amazon and GlowRoad would work together to help innumerable creators, homemakers, students, and small business owners around the country become more entrepreneurial.
Bengaluru-based reselling platform GlowRoad was founded by Kunal Sinha, Nilesh Padariya, Nitesh Pant, Shekhar Sahu, and Sonal Verma in 2017. The company provides a smartphone app that allows online retailers and small businesses to make money by selling selected items and services through their online and offline social networks.
According to GlowRoad, it has a reseller network of 6 million+ resellers selling across 1000+ cities. To date, GlowRoad has raised more than $31 million from multiple investors like Accel, Vertex Ventures, Korea Investment Partners, CDH Investments, and others over four funding rounds.
“GlowRoad lets users resell products (from 100+ categories) directly from manufacturers and wholesalers with the power of social networks. We truly believe in the potential of Digital India, with our majority of users being homemakers from Tier II, III, and IV cities,” mentioned GlowRoad in a statement.