Ecommerce platform Hypd announced it has raised an undisclosed sum from Indian media portal ScoopWhoop in its pre-seed round.
Launched in November 2020 by Innov8 founding partners Ashwarya Garg and Akshay Bhatnagar, the India-based firm provides edutainment content on its platform where users can also purchase products that influencers promote. It also helps these influencers on its app to make money through its edutainment content.
Funds raised from the financing round will be used to develop the company’s product, increase hiring, and conduct marketing activities.
“While we are helping brands by maximizing returns on their content investments, we are also actively rooting for the creator economy by mapping every sale to a content inspiration and thus a creator’s cut,” said Hypd’s co-founder, Akshay Bhatnagar.
The company claims it has had over 20,000 downloads, with more than 50 brands making about 80% conversions.
The funding comes at a time when India’s ecommerce market is expected to hit US$200 billion by 2026.
“We foresee a massive shift toward content-driven shopping, and the Hypd Store is bridging the gap between discovery and transaction with focus on creators,” said Sattvik Mishra, CEO at ScoopWhoop Media.