What are the top social commerce startups by revenue today?

The ranking of top startups in the social commerce market by revenue

Below is a table ranking all the companies in this market by their current revenue scale. You can find our methodology at the end of this page.

If you want a deeper understanding of the market and its current dynamics, get our report covering the Social Commerce Market.

Which social commerce startups make the most revenue today?

Xiaohongshu, Whatnot and ShopMy currently sit at the top of the private social commerce companies for which we found usable revenue evidence, although the numbers behind those three names have very different levels of certainty.

Xiaohongshu is estimated at about $4.8 billion of revenue for 2024. Whatnot recently told Inc. that it is on track to exceed $1 billion of annual revenue. Sacra estimates ShopMy generated about $80 million in 2025.

Then the numbers fall quickly. Stan is around $30 million of annual revenue on a recent founder interview, while its own earlier materials put the business at more than $30 million ARR. ShopShops is estimated at $22.7 million for 2025. Brazil's OmniChat generated R$65 million in 2025. Omnichat in Asia had passed $10 million ARR, while SleekFlow had reached $8–9 million ARR at its last public disclosure.

Rank	Startup	Best revenue evidence	Period	What the figure actually is
1	Xiaohongshu / RedNote	~$4.8B	2024	Estimated company revenue
2	Whatnot	>$1B	Current annual pace	Company revenue guidance
3	ShopMy	~$80M	2025	Estimated company revenue
4	Stan	~$30M	Current scale	Founder-disclosed annual revenue
5	ShopShops	~$22.7M	2025	Estimated company revenue
6	OmniChat Brazil	R$65M	2025	Company revenue
7	Omnichat APAC	>$10M	Early 2025	ARR
8	SleekFlow	$8–9M	Mid-2024	ARR
9	Wishlink	₹53.8 crore	FY2025	Revenue from operations
10	TalkShopLive	~$5.8M	2025	Estimated company revenue
11	Vambe	~$5.5M	Current reported scale	ARR
12	Connectly	>$3.5M	2023	ARR
13	TextYess	~$2M	Current reported scale	ARR
14	Mercately	>$1.5M	2024	Annual revenue

Is Xiaohongshu really the biggest social commerce startup by revenue?

Xiaohongshu is currently the largest private company we found that still fits a broad social commerce definition and has credible multi-billion-dollar revenue evidence.

The important caveat is what Xiaohongshu actually makes money from. Financial Times reporting showed the company generated about $3.7 billion of revenue in 2023, when it became profitable. Sacra later estimated that revenue reached $4.8 billion in 2024, up around 30%.

A large share still comes from advertising. Sacra estimates advertising generates roughly 60% of Xiaohongshu's revenue, with e-commerce transactions and brand partnerships making up the rest. Users often discover a product on Xiaohongshu and then finish the purchase through another platform.

Xiaohongshu deserves the top spot under a broad definition built around social discovery, creators, product recommendations and shopping intent. If we restrict the category to businesses whose revenue comes mainly from transactions, Whatnot is the cleaner leader.

Has Whatnot already become a billion-dollar revenue startup?

Whatnot is now effectively a billion-dollar-revenue social commerce company, with management saying annual revenue is on track to cross $1 billion.

The underlying marketplace numbers make that claim much easier to take seriously. Inc. reported that Whatnot surpassed $8 billion of GMV during the first half of the year, already matching the platform's GMV for all of 2025.

That means the marketplace roughly doubled its transaction pace in a matter of months. Whatnot also said its number of buyers more than doubled over the previous year.

The comparison with other live-shopping businesses is brutal. ShopShops is estimated around $22.7 million of annual revenue. TalkShopLive is around $5.8 million on Latka's estimate. Even allowing for imperfect private-company data, neither figure is remotely close to changing the picture.

How close is Whatnot to Xiaohongshu?

Whatnot is still several times smaller than Xiaohongshu by company revenue, although Whatnot is growing quickly enough for the gap to be worth watching.

The cleanest comparison we have is roughly $4.8 billion of estimated 2024 revenue for Xiaohongshu against more than $1 billion of expected current annual revenue for Whatnot.

That leaves Xiaohongshu comfortably ahead. At the same time, the two businesses are at different stages. Xiaohongshu launched in 2013 and now reaches hundreds of millions of users. Whatnot is younger and still expanding into new categories and countries.

Whatnot's transaction growth gives us a fresher view of where its business is going. More than $8 billion of first-half GMV already matched the entire previous year.

Xiaohongshu remains the bigger company today. Whatnot is now large enough that comparing the two no longer feels theoretical.

Which social commerce startups already make more than $100 million a year?

Xiaohongshu and Whatnot are the only private social commerce companies in our research that we can currently place above $100 million of annual company revenue with strong enough evidence.

ShopMy comes closest to joining them. Sacra estimates the company generated $80 million in 2025, up from $27 million in 2024 and about $4 million in 2023.

The next companies with direct revenue evidence are much smaller. Stan is around $30 million. ShopShops is estimated around $22.7 million. OmniChat Brazil generated R$65 million.

LTK looks far larger when we measure retail activity: creators on the platform now drive more than $6 billion of annual retail sales. Later and Mavely have surpassed a $2.4 billion annual GMV run-rate. Neither figure tells us how much revenue those companies themselves recognize.

Why doesn't LTK's $6 billion in sales make LTK a $6 billion revenue company?

LTK's $6 billion figure measures annual retail sales driven through its ecosystem, so it tells us how much shopping LTK influences rather than how much revenue LTK keeps.

LTK currently says creators drive more than $6 billion in annual retail sales. The platform also reports more than 44 million monthly shoppers and more than 8,000 retailers.

Those are huge numbers. They place LTK among the most important creator-commerce networks in the market.

The accounting is straightforward once we separate the flows. If someone clicks an LTK creator's recommendation and buys a $200 dress, that purchase can contribute $200 to retail sales. Most of that $200 belongs to the retailer. A creator may receive a commission, while LTK earns according to its own commercial arrangements.

Putting the full $200 into LTK's revenue would inflate the company's size dramatically.

For that reason, LTK belongs near the top when we compare commerce influenced. A strict revenue rank requires a recent company-revenue disclosure that we have not found.

Is Later really a $2.4 billion social commerce company?

Later currently influences more than $2.4 billion of annualized shopping volume, but the $2.4 billion figure is GMV rather than Later's own revenue.

Later disclosed the number after integrating Mavely. The company says annual GMV run-rate has passed $2.4 billion, up by more than $1 billion from the prior year, while cumulative creator payouts have exceeded $250 million.

During Black Friday and Cyber Monday alone, creator content across the platform generated more than $50 million of sales.

Those numbers show that Later has moved well beyond social-media scheduling software. The company now sits directly inside the flow of creator-driven purchasing.

We still do not know Later's blended take rate or how revenue is split across software subscriptions, campaigns, affiliate transactions and other services, so the $2.4 billion figure cannot be converted into company revenue.

How big is ShopMy now?

ShopMy is currently the clearest third-place company in our revenue ranking, with Sacra estimating about $80 million of 2025 revenue.

The growth curve is unusually steep. Sacra puts ShopMy at around $4 million in 2023, $27 million in 2024 and $80 million in 2025. That works out to roughly 20 times more revenue in two years.

The company now facilitates more than $1 billion of annual GMV and works with roughly 200,000 creators and 1,200 direct brand partners according to Sacra's research.

ShopMy also has more than one way to make money. Brands pay for software and collaboration products, while the platform earns transaction-linked revenue from affiliate commerce. Sacra estimates the mix has been shifting toward a more even split between brand subscriptions and transaction revenue as shopping volume grows.

The $80 million figure remains an estimate rather than audited revenue. Even with that limitation, the distance between ShopMy and the companies immediately below it is large enough to make third place a defensible current position.

Is Stan Store now bigger than most creator-commerce startups?

Stan is now one of the larger independent creator-commerce businesses by direct company revenue, with roughly $30 million of annual revenue disclosed by co-founder Vitalii Dodonov in a recent interview.

Stan's own materials have also described the company as a $30 million-plus business. Founder John Hu previously said Stan had scaled from zero to $30 million ARR while remaining profitable.

The business model makes Stan an interesting comparison with LTK and ShopMy. Stan charges creators directly for software and does not take the same kind of percentage cut from every transaction that many creator platforms use.

Creators themselves have generated hundreds of millions of dollars through Stan, but Stan's own revenue stays much smaller because the company earns mainly through subscriptions.

That still puts Stan above most social-commerce software companies we found. Its roughly $30 million level is comfortably above the latest public figures for Omnichat, SleekFlow, Vambe, Connectly or Mercately.

It also shows why GMV alone can distort these rankings. Stan can generate tens of millions in company revenue without needing multi-billion-dollar marketplace GMV.

Does live shopping work beyond Whatnot?

Live shopping clearly produces real businesses beyond Whatnot, but the current revenue data shows a huge gap between Whatnot and everybody else.

ShopShops is estimated to have generated about $22.7 million in 2025. TalkShopLive is estimated around $5.8 million.

Both businesses use the basic live-commerce loop: a host presents products, viewers ask questions, and people can buy while watching.

Whatnot has taken that behavior much further. Its combination of collectibles, enthusiast communities, seller density, auctions and repeat purchasing has created a marketplace with more than $8 billion of GMV in half a year and revenue heading above $1 billion.

The gap with ShopShops and TalkShopLive makes Whatnot look exceptional rather than typical of live shopping.

How much revenue are conversational-commerce startups making today, and is OmniChat Brazil the biggest?

Conversational-commerce startups are now building genuine eight-figure businesses, and OmniChat Brazil currently has the strongest recent revenue evidence among the companies we reviewed.

Mobile Time reported that OmniChat generated R$65 million in 2025 and expects around R$100 million in the current year. The company says its technology is used by about 30,000 salespeople across 500 brands.

That puts OmniChat ahead of Omnichat APAC's latest disclosed level of more than $10 million ARR and SleekFlow's $8–9 million ARR from mid-2024, although the figures cover different periods and currencies.

The operating data gives OmniChat's revenue more context. Mobile Time reported that 42 million people bought through chat applications with sellers using OmniChat during 2024. More recently, the company said Black Friday generated 15 million human sales conversations on its platform, alongside a much smaller but rapidly growing number of AI-agent conversations.

The category is deeper than those three names. Vambe had only about $20,000 ARR before pivoting toward conversational AI in early 2024, reached $1 million ARR later that year and has since been reported by investor Cathay Innovation at around $5.5 million ARR with more than 1,700 customers.

Connectly had already passed $3.5 million ARR in 2023. Mercately disclosed more than $1.5 million of annual revenue in 2024. TextYess has now been reported around $2 million ARR, up from roughly $1 million only months earlier.

Company	Latest useful revenue evidence	Model	Evidence quality
OmniChat Brazil	R$65M 2025 revenue	Conversational sales software	Reported company figure
Omnichat APAC	>$10M ARR	Omnichannel commerce SaaS	Company disclosed
SleekFlow	$8–9M ARR	Conversational commerce SaaS	CEO disclosed
Vambe	~$5.5M ARR	AI conversational commerce	Investor disclosed
Connectly	>$3.5M ARR	Messaging commerce	CEO disclosed, older
TextYess	~$2M ARR	AI conversational commerce	Reported milestone
Mercately	>$1.5M revenue	WhatsApp commerce	CEO disclosed

Which smaller conversational-commerce startups are already making several million dollars a year?

SleekFlow, Vambe, Connectly, TextYess and Mercately show that a second layer of conversational-commerce startups has already reached roughly $1.5 million to $9 million of annual revenue or ARR.

SleekFlow's strongest hard figure remains $8–9 million ARR from mid-2024. CEO Henson Tsai told TechCrunch that ARR had risen from roughly $1–2 million at the end of 2022. Customer count had also passed 5,000.

Vambe's growth has been much faster and more recent. TechCrunch reported that Vambe jumped from roughly $20,000 ARR before its conversational-AI pivot to $1 million ARR later in 2024. Cathay Innovation subsequently reported $5.5 million ARR and more than 1,700 customers.

Connectly had already crossed $3.5 million ARR in 2023. A later TechCrunch interview said revenue grew fivefold that year and was expected to double again, but management did not provide a new exact revenue figure. We therefore keep the confirmed $3.5 million-plus figure rather than turning the growth guidance into a synthetic number.

TextYess is one of the fresher names in this group. It was reported at $1 million ARR in late 2025 and around $2 million only a few months later.

Mercately sits lower at more than $1.5 million of annual revenue, according to CEO Henry Remache's interview with TechCrunch. The company was already profitable when that figure was disclosed.

The ranking inside this cluster is less certain because the reporting periods differ.

Should Douyin and Kuaishou be ranked alongside social commerce startups?

Douyin and Kuaishou are better used as scale benchmarks than as entries in a startup revenue ranking.

Douyin sits inside ByteDance, which has long since become a global technology giant. Kuaishou is publicly listed. Calling either company a startup would stretch the category so far that the ranking becomes much less useful.

Their commerce numbers still show where this market can go.

Douyin's 2025 e-commerce GMV has been estimated around RMB4.4 trillion. Kuaishou reported RMB1.598 trillion of 2025 GMV, up 15% from RMB1.390 trillion the previous year.

Compare that with Whatnot's more than $8 billion of GMV during the first half of the current year, LTK's more than $6 billion of annual retail sales and Later's $2.4 billion annual GMV run-rate.

Those independent companies are already large. The Chinese platforms operate on another level.

Platform	Commerce scale	Metric	How we treat it
Douyin	~RMB4.4T	2025 GMV estimate	Scale benchmark
Kuaishou	RMB1.598T	2025 GMV	Public-company benchmark
Whatnot	>$8B in H1	GMV	Ranked startup
LTK	>$6B annually	Retail sales driven	Commercial-scale benchmark
Later / Mavely	>$2.4B annualized	GMV run-rate	Commercial-scale benchmark
ShopMy	>$1B annually	GMV	Ranked using company revenue
Stan	Hundreds of millions through creators	Creator earnings / commerce	Ranked using company revenue

Why does GMV make social commerce rankings so confusing?

GMV makes social commerce companies look much more comparable than they really are because two companies can process the same amount of shopping while keeping completely different amounts of revenue.

Take a simple $1 billion marketplace.

One company might keep around 10% through commissions and fees. Another might charge merchants a monthly software subscription and earn a fraction of that despite touching the same amount of commerce. A third company could merely attribute purchases to creator content without processing the checkout itself.

The same problem appears throughout our dataset.

LTK drives more than $6 billion of annual retail sales. Later has more than $2.4 billion of annualized GMV. FERMÀT currently displays $13.6 billion of GMV supported across its commerce infrastructure. CommentSold has reported billions in cumulative GMV.

A direct $30 million revenue figure from Stan can therefore be more useful for this ranking than several billion dollars of merchant sales from another company.

Which social commerce business model is making the most money?

Large consumer marketplaces currently produce the biggest company-revenue numbers, while creator software and conversational-commerce platforms can build solid businesses with far less transaction volume.

Xiaohongshu combines a huge social audience with advertising, commerce and brand monetization. Whatnot takes part directly in marketplace transactions. Those models have produced the two largest private-company revenue figures we found.

ShopMy sits between marketplace and software economics. The company earns from brand subscriptions as well as affiliate transactions, which helps explain how it can reach an estimated $80 million of revenue on a commerce base above $1 billion.

Stan shows another route. The company charges creators subscriptions and has reached roughly $30 million of revenue without taking a large cut of every creator sale.

Conversational-commerce businesses such as OmniChat, Omnichat and SleekFlow mostly monetize through software. Their revenue is smaller, but they can build recurring businesses without attracting millions of consumers into their own marketplace.

Creator commerce looks broader across LTK, Later, ShopMy, Stan and Wishlink, while live commerce is much more concentrated around Whatnot. Whatnot's billion-dollar revenue trajectory has no obvious equivalent among the other independent live-shopping startups we found.

The biggest absolute revenue is currently coming from platforms that sit closest to the transaction and control consumer demand at scale. Software businesses can still reach tens of millions of dollars without needing anything close to that audience.

Which social commerce companies look huge but still cannot be ranked properly by revenue?

LTK, Later/Mavely and FERMÀT are the clearest examples of companies with enormous commercial footprints but no current public figure that lets us compare their own revenue cleanly with Whatnot, ShopMy or Stan.

LTK now drives more than $6 billion of annual retail sales.

Later reports more than $2.4 billion of annualized GMV after its Mavely acquisition.

FERMÀT's current site displays $13.6 billion of GMV supported and more than 25 million shopper sessions per day.

These numbers are commercially impressive, but ranking them as if they were company revenue would mix merchant sales, attributed commerce and actual corporate top line in the same column.

CommentSold presents a similar issue when cumulative GMV is used. A platform can process billions of dollars over many years while earning only a small percentage of each transaction.

We would rather leave a large company without a precise revenue rank than create one from an assumed commission rate.

Are some fast-growing social commerce startups completely missing from the revenue ranking?

Yes. Several important social commerce startups remain unranked because their public numbers describe users, merchants, creators or transactions rather than company revenue.

Tilt has built a large consumer user base around live shopping. Levanta has attracted thousands of brands and a large creator network. Taager has served tens of thousands of social sellers. Paage reports a sizeable creator base. SUKHIBA has worked with tens of thousands of SMEs.

Those companies could already generate more revenue than some businesses near the bottom of our ranking.

We simply do not have enough public evidence to show it.

A user count tells us adoption. A merchant count tells us commercial reach. Neither can be multiplied by an assumed price and quietly presented as revenue.

Private-company rankings will always have some holes. Keeping those holes visible is more useful than filling them with guesses.

Is social commerce becoming more about infrastructure than building new social networks?

Among startups, social commerce is increasingly being built on top of existing attention networks rather than through entirely new consumer social platforms.

SleekFlow, OmniChat, Omnichat, Vambe, Connectly, Mercately and TextYess help companies sell through WhatsApp, Instagram and other communication channels.

ShopMy, LTK, Later and Wishlink connect brands with creators who already have audiences on TikTok, Instagram, YouTube and elsewhere.

Stan gives creators a storefront after they have built an audience. FERMÀT focuses on what happens after social advertising or other acquisition channels send a shopper toward a brand.

The giants still control attention. TikTok, Instagram, WhatsApp, Douyin and similar platforms supply much of the discovery and communication.

Many of today's startups make money around that attention through attribution, affiliate links, messaging, checkout, conversion, creator management and merchant software.

Can conversational commerce become as big as creator commerce?

Conversational commerce remains smaller today, but the revenue growth at OmniChat, Omnichat, SleekFlow and Vambe shows that selling through messaging has become a serious software category.

Creator commerce already operates at larger scale. LTK drives more than $6 billion in annual retail sales, Later has more than $2.4 billion of annualized GMV and ShopMy is estimated at $80 million of company revenue.

Conversational commerce has yet to produce a comparable breakout.

What makes the category interesting now is AI. Messaging software can move from helping human salespeople answer customers toward handling parts of the sales process automatically.

OmniChat's recent operating data gives an early look at that shift. During Black Friday, the company recorded far more human sales conversations than AI conversations, but AI usage had grown several times over the previous year. The company is now building much of its next growth push around AI sales agents.

Vambe's trajectory points in the same direction. The company grew rapidly after moving away from its original product and focusing on AI agents for WhatsApp and similar channels.

Creator commerce is still bigger. Conversational commerce is one of the stronger candidates to narrow that gap over time.

So what are the top social commerce startups by revenue right now?

Xiaohongshu leads our current ranking by company revenue, Whatnot is the clear number two and ShopMy forms a separate third tier well above most other independent social commerce startups.

Xiaohongshu's best current estimate is roughly $4.8 billion of 2024 revenue, although advertising still represents a large part of the business.

Whatnot is on track to exceed $1 billion of annual revenue and has the strongest current evidence among companies built mainly around commerce transactions.

ShopMy follows at an estimated $80 million for 2025.

Stan is around $30 million, then ShopShops at an estimated $22.7 million. OmniChat Brazil, Omnichat APAC and SleekFlow form the next meaningful group, followed by Wishlink, TalkShopLive, Vambe, Connectly, TextYess and Mercately.

As seen above, companies such as LTK and Later may influence much more commerce than several ranked businesses, but their headline public metrics describe retail sales or GMV rather than company revenue. Douyin and Kuaishou operate at vastly larger transaction scale, but neither belongs in a strict startup ranking.

The revenue curve is steep: social commerce already moves billions of dollars through many platforms, while only a handful of private companies can currently be supported at anything close to $100 million of their own annual revenue.