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, taking the native shopping experience to the virtual mobile screen. Its unique AI technology also scans entertainment content and shows suggested products for purchase by scanning products and apparel in the video being watched.
Recently, 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.
The money will be used to accelerate the product roadmap and increase adoption. KIKO TV recently raised their seed round from 9 unicorns and this is its second raise.
Shivam Varshney, Co-Founder and CEO, KIKO TV, said, "We are extremely elated to be a part of the SOSV MOX family, as the MOX program provides not only funding but also a lot of training to scale the business and access to their global mentor network. As the speed of the 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. It is our vision to be a market leader in this category."
William Bao Bean, General Partner at SOSV, and Managing Director of MOX, stated, “Live video is the logical evolution of e-commerce and shopping habits. There are enormous opportunities for mobile-first players, and we cannot think of a better team to work with than KIKO TV.”
Live commerce, after taking off in China and other Asian markets, 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 $150 billion in 2020, and India is following suit.