wordpress blog stats
Connect with us

Hi, what are you looking for?

StoreKing raises $16M from Axiata Digital to expand retailer base

cc-Kirana_shop

Bangalore based StoreKing, an ecommerce platform which provides kiosks to offline retailers for its users to buy products from, has raised $16 million from Malaysian telecom company Axiata Digital, reports Mint. It plans to expand to 100,000 retailers by next year and 250,000 by 2019, as well as expand to Axiata’s markets in the future.

As of now, the company claims to have 16,000 mobile kiosks in south India across 1,200 towns and delivers 150,000 orders monthly. A YourStory report states that the retailers using StoreKing earn a 6-10% commission on the sales they make. The report adds that the comoany has 650 master franchises across Tamil Nadu, Karnataka, Kerala, Andhra Pradesh, Telangana, Maharashtra, Madhya Pradesh, Orissa and Gujarat.

Previous funding: In February last year, StoreKing raised $6 million from Mangrove Capital Partners. At that time, the company claimed to be present in 600 stores across 190 cities and towns in Karnataka and saw 50,000 walkins at the store daily. It also claimed to have over 200,000 registered users who had placed orders, with plans to open stores in Andhra Pradesh, Tamil Nadu and Kerala, albeit without mentioning a timeline.

The company provides small retailers in Tier III and Tier IV towns a platform to sell their products through kiosks equipped with TV monitors and Android tablets. Shoppers can browse through products across categories like beauty and health, food and nutrition, sports and fitness, mobile and tablets, apparel and home and kitchen among other categories on offer at the kiosks installed in local stores, select a product they would like to buy, pay for it in cash, and then come back the next day to collect the product. StoreKing was founded by Sridhar Gundaiah in 2011.

Amazon tie up: Amazon India reportedly signed an exclusive partnership with StoreKing to expand its rural footprint in south India and increase its user base, according to a Mint report from earlier this week.

Advertisement. Scroll to continue reading.

Amazon’s India investments: Earlier this week, after investing Rs 1,350 crore ($202.5 million) in its India operations, Amazon CEO Jeff Bezos announced that a further $3 billion (about Rs 20,000 crore) would be invested in its India unit.

Recent studies on ecommerce:

– Cash-on-delivery (COD) was the most preferred method to pay for e-commerce purchases in January-March 2016, accounting for 70% of all transactions, according to a report by Sokrati that studied more than 1.4 million online ‘purchasers’ buying from over 100 online retailers.

– The gross merchandising value (GMV) of e-commerce industry will witness a four time increase and reach $60 billion by 2020, according to a study titled ‘Digital Retail 2020’, conducted by Google and A.T. Kearney. The report claims that online retail will contribute about 25% to the total organised retail sales by then.

– Online shoppers in metros like Mumbai and Bangalore are only ‘cautiously open’ with less than 35% preferring mobile transactions over other modes of payments, according to a study called ‘Mobile Consumer Journey – 2016’ carried out by Yahoo India and Mindshare. Note that the companies did not reveal the sample size of the study and we’d advise our readers to take this with a pinch of salt.

Image Credit: Renzilde under CC BY SA 3.0

Advertisement. Scroll to continue reading.

Written By

I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

News

By Stella Joseph, Prakhil Mishra, and Yash Desai The Government of India circulated proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules”) which...

You May Also Like

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ