Social media commerce firm Trell has raised USD 45 million (over Rs 334 crore) in a funding round led by financial group Mirae Asset and H&M.
The round was co-led by LB Investments. "The fund will be majorly used to enhance AI (artificial intelligence) and ML (machine learning) muscle, go deeper into regional languages and establish a much better personalisation engine in dialects that we understand," Trell co-founder and CEO Pulkit Agrawal told PTI.
With this round, the company has raised a total of USD 62 million. "We are now close to USD 120 million (in enterprise valuation)," Agrawal said. He said that the company has already crossed 50 million monthly active users (MAU) and expects to achieve 100 million MAU mark in next 18 months. "We will also be investing in community activities wherein we encourage content creators to create good content," Agrawal said.
Trell will invest in building an engineering team and expand footprint in several lifestyle categories like home care, apparels, baby care etc. By the end of this year, the social commerce platform is looking to launch six more languages expanding its footprint to over 200 cities and towns in India.
Agrawal said that the company's social commerce business is growing 30 per cent on a monthly basis. "Overall, we plan to grow 2.5 times from here on in the next 1 year. After a year, Trell will be very much penetrated across Asian markets then we will have focussed group structure," Agrawal said.