KIKO TV has raised an undisclosed amount in its pre-Series A funding round, led by the US venture capital fund SOSV and will be shortly graduating from their Mobile Only Accelerator (MOX) program. The funding round is open and a few more investors are expected to co-invest in this round.
KIKO TV, a company that has built a solution for live streaming video commerce for the Indian market, plans to disrupt the mobile commerce space with live shopping and live interactions between sellers and buyers. This will take the native shopping experience to the virtual mobile screen. Their unique AI technology also scans entertainment content and shows suggested products for purchase by scanning products and apparel in the video being watched. The company intends to use the funds to accelerate the product roadmap and increase adoption.
Shivam Varshney, co-founder and CEO of KIKO TV, said they are extremely elated to be part of the SOSV MOX family, as the MOX program provides funding as well as a lot of training to scale the business and access to their global mentor network. “As the speed of internet available on all devices grows, and as the widespread use of 5G technology is becoming inevitable, live video commerce will be the future of shopping,” he said. “It is our vision to be a market leader in this category.”
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William Bao Bean, General Partner at SOSV and Managing Director of MOX, highlighted that live video is the logical evolution of e-commerce and shoppinh habits. “There are enormous opportunities for mobile-first players, and we cannot think of a better team to work with than KIKO TV.”
After taking off in China and other Asian markets, live commerce is growing quickly in America and the rest of the world. KPMG and Alibaba expected the live streaming e-commerce market in China to exceed US$150 billion in 2020, and India is following suit.
