Browzzin, a fashin-focused social commerce platform based in Singapore is all set to invest an amount of
$5 million with the aim of building inroads with the Indian social commerce platform and cataloging labels, both domestic and international. It also plans to offer a total of 3 million products. December 2020 witnessed the entry of Browzzin into the Indian market.
As per the claims of the company, it has witnessed about 250k downloads post-launch in India. And its growth plans include a target of 5 million users by the end of 2021. With the latest investment, the company also aims to attain a gross merchandise value amounting to $400 million for its partner brands and labels.
The platform enables the curation of certain looks by fashion influencers, helping them to channel customer traffic to the brands by leading users to the featured brands. The partners are charged by the company as it helps them enhance sales.
With the specific aim of expansion in India, the company plans to collaborate with big and popular marketplaces like Amazon, Flipkart, Myntra, etc. to name a few, in addition to certain independent Indian brands.
The company was launched in 2016 by Zean Vo and Harry Markl. The founders feel that the Indian market is quite intriguing in a multitude of ways.
According to Markl,
“One is, this whole influencer marketing in fashion may still be in an infant phase… it is more developed in the U.S. and Europe, but it has significant growth potential in India. Second, obviously, there is a huge digital population. Third, there are more upcoming Indian fashion brands that also help us localize our catalog.”
Although the growth trajectory of the Indian social commerce segment is quite hazy and tenacious at this point, it cannot be denied that it holds immense growth potential, which is the major point of intrigue that attracts international investors. It is expected that the segment will witness an annual growth rate of up to 55%-60% by 2025.