Middle-class people are looking to buy the best car at the cheapest price. Well, rarely these two combinations can be found in new cars. Droom’s platform provided an opportunity for second-hand car or bike buyers to buy the vehicle that people wanted at in much cheaper price than new ones.
Droom’s platform also became an opportunity for sellers because they are the ones posting images and pictures of their car and bikes so that they can find a buyer for them. Droom came into the market when there was already an existing application like OLX. But, how did they gain people’s attention and become one of the most reliable platforms when it came to buying and selling second- hand cars?
It was all about the marketing strategy that the company adopted. The company focussed on efficient marketing and made sure to reach out to as many people as possible.
Droom is an e-commerce company that was founded in 2014 by Sandeep Aggarwal. Droom is an online application platform where people can either buy or sell second-hand cars and bikes with a fresh perspective. The company has its headquarters located in Gurugram.
Droom’s business is primarily in creating a marketplace in India to help people buy and sell used cars (multi-category). Sellers on this platform are provided with useful tools to manage their listings. Droom became the 17thIndian startup to achieve the title of a unicorn as a high-profile investor.
Droom’s services were appreciated by most users because a deal could be done between a buyer and a seller within five days. This was pretty amazing and a new way of bringing a service to the people.
Droom’s Marketing Strategy
Droom logo
Droom’s marketing strategy is quite simple yet effective one which is being able to attract new users to its website every day. There are four to five strategies that the company uses to market and brand its company. Some of them are as the following.
Facebook (Meta) Community Advertising
India’s most trusted motor place i.e. Droom created a community page on Facebook where the company is carrying on with its marketing. This is one of the simplest methods of marketing to attract a large number of customers at a single time.
Impressions
Also known as ‘ad view’ impressions means a metric system that is used to quantify digital views in a piece of content. To put it in simple words, impressions are all about online advertising.
Targeted Mailers
Also known as email marketing is what Droom uses as one of their marketing strategies. Once a user becomes a subscriber then the user receives emails from the company regarding deals and offers. A targeted mailing list is important for the profitability of the business. This is why Droom focussed on such marketing techniques.
Banner Advertisements
Banner advertisements again are one of the common methods of marketing not only for other businesses but for Droom too. It is the simplest way to reach out to the audience directly. Droom captured the attention of the audience through such advertisements.
All in all, it can be said that the company uses the use of social media primarily for its advertisement. The advertisement methods might be common but they have proved to be effective ones.
Droom, also recently rolled out their TV advertisement and started new campaigns. ‘Droom Hai, Toh Fir Test Drive Kyu?’ advertisement campaign created a buzz on several platforms. The ad campaign urged customers to buy used cars rather than testing them first.
Droom Advertisement
Droom’s Growth Over The Years
With effective marketing techniques used by the company, it was obvious that Droom’s future was all about growth and flourishing in the market. Back in 2014, when the company was just stepping into the Indian market its inception took place in Singapore. It was in the same year that the company had raised its 1st and 2nd rounds of capital funding.
By the year 2015, the company sold its first vehicle of Droom and in the same year, its several applications were launched like the mobile application, website, etc. By the time July came in 2015, the company had already raised its 3rd round of funding. By this time the company had already sold more than 100 orders.
Droom received several awards for its contribution to the online automobile platform. Some of the prestigious awards were the Coolest start-ups award, Consumer Durable and Integrated advertising campaign awards, and more.
Conclusion
A company like Droom has proved that competition does not matter if marketing is done efficiently. Droom’s current growth rate is 100% every year which is quite surprising because it is something that does not happen with every business. Altogether, the company had 6 rounds of funding and by the end of its 6th round, Droom had already raised more than $125 million.
FAQs
When was Droom founded?
Droom was founded in 2014 by Sandeep Aggarwal.
What does Droom company do?
Droom is India’s online marketplace for buying and selling new and used cars. Droom is India’s largest auto portal.
How to contact a seller at Droom?
There are support assistance provided to the customers who want to engage business with Droom. However, other than that there is also a Whatsapp number that people can use to contact them.
Which vehicles can people buy and sell on Droom?
Vehicles to buy and sell on Droom are:
Car
Bike
Scooter
Bus
Bicycle
Plane
Truck
Tractor
What are the popular brands of used cars on Droom?
Some of the popular brands of used cars on Droom are:
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by 10Club.
Each and every business is unique and respectable in its own way. Planning only for business growth is certainly a good idea but before that, it is essential for the founders/entrepreneurs to go to the depth of the matters to achieve something big and credible.
10Club believes in Data + Insights = Scale + Efficiency. This is the only formula the company follows. This organization believes to go down to the depth of the matters individually and build the foundation of successful businesses. The company ensures that great entrepreneurs will surely reach great heights one day because these people have already taken greater risks.
Read the 10Club success story below to understand the company better with useful insights from its Founders and Team, Tagline, Slogan, Logo, Business model, Revenue model, Funding and investors, Growth, Future plans, and more.
21 September, 2021 – 10Club announces the acquisition of My Newborn, a brand selling baby products, which is the first acquisition of the brand.
10Club founders talking about the success story of 10Club
10Club – About
In today’s daily life great businesses are growing, holding the hands of competent entrepreneurs. Competition is always really very tough in the marketplace and as a result, these companies get their foundational years right but often face difficulties to understand their current position in the market. This is where companies like 10Club step into the scenario. The aim of 10Club is to allow these great entrepreneurs to enjoy rapid growth and participation hassle-free. 10Club is a trustworthy company on which entrepreneurs can be sure of.
Bhavna Suresh is the co-founder and the CEO of the company. Deepak Nair and Joel Ayala are the other co-founders of the company, 10Club.
Bhavna Suresh
She is the co-founder and the CEO of the company 10Club. She is an entrepreneur, who started her career as a Business Development Manager at 22feet Tribal Worldwide. Bhavna is also known as the founder of another company, StyleBank, and the CEO of Lamudi Philippines.
Deepak Nair
He is the co-founder of the company 10Club. He works as a business strategist, digital marketer, and also as advertising strategist. He previously worked as the CEO of White Canvas Communications Pvt Ltd. Deepak was also the Chief Executive Officer at 22feet Tribal Worldwide.
Bhavna Suresh, Deepak Nair and Joel Ayala (Left to Right) Co-Founders of 10Club
Joel Ayala
Joel Ayala is another Co-founder of 10Club and also known as the Co-founder and Managing Partner at Class 5 Global LLC, a venture firm that aims to invest in the next generation of global entrepreneurs.
10Club – Tagline, Slogan and Logo
The tagline of the company is, ‘Sach Ke Sath‘.
10Club Logo
10Club – Business Model
The business model of this company is very unique. The company believes in working together, going into depth, operating and growing e-commerce startup businesses. 10Club has a tried and tested model. It works quickly and provides its clients with the best possible and actionable insights which help the entrepreneurs to understand where exactly their new business is standing in the marketplace and how to take it forward towards growth and success.
10Club has raised a total amount of $40 million in funding over the one funding round. 10Club is funded by six investors. Fireside Ventures is the lead investor, followed by Secocha Ventures, HeyDay, PDS International, Class 5 Global, and boAt founders.
Date
Transaction Name
Money Raised
Lead Investor
June 29, 2021
Seed Round
$40 million
Fireside Ventures, HeyDay, PDS International
10Club – Growth
As mentioned above, the company raised $40 million in the funding round and it is one of the largest seed rounds in the e-commerce roll up space. Since it is one of the largest ones that is why it is a big matter of talk now and more or less everybody knows about it.
10Club – Acquisitions
10Club has acquired 5 companies in total. The company last acquired 3 gardening startups – Kraftseeds, Gate Garden, and Kriti Kalash on November 19, 2021. This acquisition would further help the company to scale through product mixes, sales channel expansion, and pricing models. My Newborn was the maiden acquisition of 10Club on September 21, 2021, after which it acquired Skudgear on September 30, 2021.
Acquiree Name
Date
Price
Kriti Kalash
November 19, 2021
–
Gate Garden
November 19, 2021
–
Kraftseeds
November 19, 2021
–
Skudgear
September 30, 2021
–
My Newborn
September 21, 2021
–
10Club – Future Plans
The company 10Club wants to create a better space for startups. It wants to collaborate with promising businesses on e-commerce platforms and roll them up to help them grow. Startups often fail to manage everything after the initial months of growth that they gain in the beginning. Competition has undoubtedly increased in the marketplace over time but all of the existing companies want growth. This is why 10Club has set out in the market to aid such startup companies with more technology, supply chain, and marketing expertise in the future. More and more funding will help the company to expand its portfolio and bring changes for the upcoming startup businesses to acquire.
Knowing how to establish a jewellery business online can undoubtedly multiply your sales and earnings in the jewellery sector. This is going to be one of the most effective strategies to expand your company’s reach, generate more leads, and increase conversions.
To get the most out of selling your handmade jewellery online, make sure you have a solid marketing strategy in place to promote and protect your company so it may reach its maximum potential.
Don’t be concerned if you don’t know where to begin. Many people are unaware of the procedures required to establish an internet company. As a result, we’ll go over the steps to starting a jewellery company today.
Why should you establish an online jewellery business?
Setting up an e-commerce website is less expensive than starting an actual store. Your company’s wholesales system will be automated online. As a result, you won’t have to spend your money on team member salary, rent, and electricity. You may then use the money you’ve saved toward expanding your e-commerce website and product line. E-commerce websites can also help you increase your product range faster than you might in a traditional physical store. E-commerce websites eliminate any geographical limitations that a traditional office-based firm might have.
After you’ve set up your e-commerce website, you won’t have to put much work and time to maintain it. This is because the whole ordering and payment procedure for consumers will be conducted entirely online. This will allow you more time to think about new goods to sell, special deals to launch, and how to measure your sales performance.
The online market is exploding. The majority of services are now being digitised. The jewellery business isn’t far behind. For its products, the sector has been able to harness the potential of internet commerce. Individuals purchase jewellery from all around the world, and merchants ensure that their products reach them promptly.
You don’t limit your prospective consumers with e-commerce websites because they can access them at any time of day. This implies you’re maximising your sales and earnings as a company.
To begin, choose a brand name. Any company’s face is its brand name, so make sure it’s one that accurately portrays your business. There are a few things to consider when choosing a name for a jewellery business. To help people remember your brand, make sure it is distinct from rivals, easy to say, short in length, devoid of digits, and has exact spelling.
Before deciding on a name for your jewellery business, double-check that it is not already in use by another firm and is available for a domain name if you intend to create a website.
In terms of a logo, a free internet service makes it simple to create a professional logo. You can hire an artist to design a logo if you don’t want to do it yourself and save time. Sometimes, less is more when it comes to logos, so there’s no need to go overboard with a cluttered, intricate design.
After you’ve finished the challenging task of choosing a brand name, be sure to check with your local government about registering your jewellery business and obtaining any licences, permits, or tax IDs you’ll need to operate.
Step 2. Price your jewellery appropriately
Correctly Pricing your jewellery is crucial for establishing a successful company, but determining the perfect amount may be challenging. You must understand your target demographic and how much each type of jewellery is worth to them. Many jewellery businesses underprice or overprice their items, leaving buyers doubting the product’s quality and seeking other businesses for more affordable alternatives. Underpricing might make it difficult for your company to earn a profit.
Step 3. Create a website or Choose an online platform to sell jewellery
One can create a website to sell jewellery online or Individual can sell their items on well-known online marketplaces like Shopify, Amazon, and Etsy.
You may create a shop with a catalogue of your jewellery items. One of the most significant advantages is that these well-known websites attract millions of visitors each year, making it simpler to drive traffic to your store. Each platform has its regulations, but these sites generally take a portion of sales and charge listing costs.
An essential thing to remember when writing engaging product listings is to be detailed. Customers can’t see, touch, or try on the items you’re offering, so keep that in mind. Make a list of the precise dimensions, colours, and textures. Write your listings as if you don’t have any product images.
Make careful to utilise vivid adjectives since your word selections can make or break a transaction.
Step 5. Promote your company’s name
To achieve your final aim of earning sales, you must market and promote your new brand. You educate your audience, increase the exposure of your business, and engage with them through marketing. Making social media accounts for your jewellery business will allow you to post material about your brand and engage with your target audience more simply. Because your consumers are likely to be active on these platforms, it’s a beautiful way to contact them for little or no expense. You may increase brand loyalty by having a solid social media presence.
Online Marketing Tips
Provide useful information: Make sure you give all relevant information, such as the dimensions and materials used to create the jewellery, to assist buyers in making an informed decision. Please provide a little background on the piece’s inspiration, as well as a tale about the techniques you utilised to produce it to cement the deal.
Use social media to promote your business: Using social media platforms to promote a new business may be pretty effective. To attract followers and raise business recognition, use social media platforms like Twitter, Facebook, Instagram, and Pinterest. You may immediately answer inquiries about your goods, converse with followers, and create polls and questions for any business ideas you may have.
Post regularly: Consistency is required while posting on Facebook or Pinterest. Please spend some time at the start of the week collecting photographs, quotations, and product shots and getting them ready to utilise that week. This does not imply that you must be online at all times. Batch-schedule your posts.
Provide excellent client service: Respond immediately and attempt to resolve any issues that arise, and make sure your consumers know exactly what they are getting ahead of time so there are no surprises or headaches.
FAQs
Is online jewellery business profitable in India?
Online jewellery business yields profit margins of around 25 to 75%.
What are the platforms to sell jewellery online?
There are multiple platforms to sell jewellery online:
Etsy
Shopify
Amazon
SquareSpace
Why Your Jewellery Business Should Sell Online?
Online shopping is the new trend for every products be it clothing, shoes cosmetics, or jewellery. Online Jewellery business lets your customers shop from anywhere at any time.
What are some profitable Jewellery Niches?
Some profitable jewellery niche for your online jewellery business are:
Every little function leads to customer user satisfaction. The world is now functioning with the help of online businesses. Online businesses have evolved way too far since the past few years. Several companies have a unique way of getting their customers to click the checkout button.
Each button that the company uses on its site is responsible for some action. The marketers of e-commercial companies work on getting as many people to click buttons on their sites so that business takes place.
Buttons are significant to improve the user experience. These buttons are responsible for more income for the e-commercial business. E-commercial websites come up with attractive buttons so that customers can interact with the site.
Choosing Buttons effectively for E-commerce Business
Choosing Buttons For Your E-commerce Business
With stunning design and an easy navigating user interface, e-commercial websites tend to spend a large part of their time spending thinking about putting desirable buttons. Neither too many nor too few buttons should be drafted while designing the interface.
It is difficult to choose from different types of buttons as there are unlimited types to choose from. An easy task can be quite difficult sometimes as the customers are the ones coming to your site. Keep the following suggestions in mind to select ideal buttons for your site.
Sometimes colors drive customers towards clicking the checkout option as e-commercial websites can achieve massive conversion rates. Website owners can use any color of their choice which they feel is most suitable.
Experimenting during the initial stages of color selection will give an idea of how and what color buttons should be. Be careful with the overall design and the buttons that you choose for your website because the interface should resonate with the feel of your brand.
Keeping An Ideal Shape & Size
Buttons that you may use on your website have now got their ideal color but what about their shape and size? Websites must keep decent-sized shapes and sizes of their buttons so that the attention of the visitors can be caught.
Try experimenting with either a round or a rectangular-shaped button. Analyze whether or not customers are visiting your website more frequently or not. Depending on the results you can decide to use other types of shapes and sizes.
Create A Sense of Urgency
While shaping the buttons of your website you are being responsible for the marketing of your business. You want visitors to click on the checkout button as many times as possible. So, creating a sense of urgency for them would give your business an opportunity for business growth.
Anything that illustrates an emergency or an urgent situation can be used in buttons. For example, if your e-commerce website is into booking tickets for events then you can use words like ‘Hurry’, ‘Book Now Pay Later’, ’Tickets Selling Rapidly Book Now’, etc.
Work On Your ‘Call To Action’
Call to action button on E-commerce site
Call to action means encouraging a user/visitor to purchase an item or a product. This can only be done if you stick to using meaningful and attractive words on your buttons. Try using words other than ‘Submit’, ‘Buy Now’, and other such types of words. The aim should be to compel visitors to take action.
Words should be such that will drive the visitors to click on that checkout button. You have to come out with such types of words so that more and more visitors get inclined towards your call to action button.
Action-Oriented Words Can Get The Job Done
Using action-oriented words on your website might give the visitors an urge to click on them. Well, action-oriented words will play a crucial role in your online business. Action-oriented words will convert into actions.
A simple yet effective button selection for your e-commerce business can generate revenues. This is why it is important to choose buttons that will attract visitors to your website. In the end, anyone with an online business would want customers to click that buy button.
However, to make that happen is not an easy task. Customers would want an easy and simple user interface so that they feel easy to operate. Try to bring in standout features to your e-commerce website so that you are different from your competitors.
FAQs
How do I gain visitors to my E-commerce website?
Follow the basic tips given below to gain visitors:
Keep an easy user-interface
Eye-catching website design
Build goodwill before indulging in promotional activities
Appreciate the feedback and work on the negative ones
Keep your focus only on your mission and vision
Do not force your visitors to register on your site
How to use the perfect buttons on my e-commerce website?
You need to experiment after choosing buttons because customers can get attracted to any type of button. Try not to keep too wacky buttons.
How to provide standout features to my customers?
If you want to provide your customers with extra features then you need to first plan what you can offer. Study your competitors and then you will have an idea about how you can provide extra features to your customers.
The startup ecosystem has grown over the past few years because many venture capital firms are investing in the early stages of upcoming startups. One such homegrown early-stage investing firm is Nexus Venture Partners, which was founded by successful entrepreneurs Suvir Sujan, Sandeep Singhal and Naren Gupta in 2006.
The firm has its main headquarters in Menlo Park, California with head offices in Bengaluru and Mumbai in India. Itis a pioneer of investing in global technology products and technology-led business for India. Nexus focuses on funding startups in the industries such as Enterprise Technology, Consumer Internet, Healthcare, Consumer, Business Services, Media, Software, Big Data Analytics, Data Security, Fintech, DevOps, Open Source, Education, Commerce, Gaming, Cloud, SaaS, Agribusiness, Rural Sector, Energy, Etc.
Nexus is an early partner firm and believes in being the first institutional investment in the seed or the series A rounds. The firm also has long term commitment and work closely with the startups they invest in. Nexus Venture Partners has over $1.5 billion in AUM, after partnering with many entrepreneurs from both America and India.
So far the firm is known to have invested in 294 companies and has over 65 exits. According to Venture Intelligence, Nexus has earned more than $500 million in exits by 2020. Nexus’s core identity has been its success in software deal-making, unlike other Venture Capital firms that only choose to fund successful consumer’s internet unicorns.
The firm also prefers to invest in companies from India or global markets and may also invest in companies located outside India with a focus on American based companies with technologies that are relevant for India and its emerging markets.
Here are some of the startups funded by Nexus Venture Partners
Snapdeal
Snapdeal Logo | Nexus Venture funded startups
Snapdeal is a well-known e-commerce company in India, which was founded by Kunal Bahl and Rohit Bansal in 2010. The company has its headquarters based in New Delhi and has recently grown to become one of the largest online marketplace in the country.
Snapdeal is different from other e-commerce sites because its sellers offer good quality merchandise, customers get to pay value for money which is similar to local markets in metro cities. The website has over 500,000 sellers that sell fashion and home products to customers from 3,700 towns and cities across India.
The company raised over $12 million in its first funding from Nexus Venture Partners and Indo–US Partners in 2011. Three years later, Snapdeal raised $133 million from eBay, Kalaari Capital, Nexus Capital Partners, Bessemers Venture Partners, Intel Capital and Saama Capital in 2014. The last investment made by Nexus Venture Partner to Snapdeal was in 2017 where the company raised funds Rs 113 crore from the firm.
ShopClues
Shopclues Logo | Nexus Venture funded startups
ShopClues is one of the top online marketplaces in India, that was founded in 2011 by Sanjay Sethi, Sandeep Aggarwal and Radhika Aggarwal. The company has its headquarters in Gurgaon and its parent company is Clues Network Pvt Ltd. ShopClues was said to be valued at $1.1 billion in 2015 as it was backed by top investors like Tiger Global, Helion Ventures and Nexus Venture Partners, among others.
In 2019, Qoo10 a Singapore based company acquired Shopclues for 470 million.Shopclues is the country’s first online Managed Marketplace that connects buyers & sellers online while offering a trusted and safe online shopping environment to customers in over 9000 cities across India.
The company secured over $10 million in their Series B round of funding from Helion Venture Partners, Nexus Partners and Netprice.com in 2013. According to the company, the funds were used to scale their business, increase the website’s product catalogue and expand their reach to their target audience.
Delhivery is the leading supply chain services chain company in India that was founded by Sahil Barua in 2011 and has its headquarters in Gurgaon. The aim of the company is to become the operating system for commerce in India, with the help of advanced infrastructure, logistics operations and cutting-edge technology.
Delhivery so far claims to have delivered over 500 million shipments, in 230 cities across the country. The company aims to provide products and services in order to help improve the lives of consumers, small businesses, enterprises.
They provide services such as transportation, warehousing, freight, reverse logistics, cross-border and technology services and has over 500,000 sellers and over 10,000 customers. The company raised over $5 million in its series B funding from Nexus Venture Partners in 2013. These funds were said to have been used to further expand its customer base.
Unacademy
Unacademy Logo | Nexus Venture funded startups
Unacademy is one of the top EdTech companies in India that was founded in 2015 by Gaurav Munjal, Roman Saini, and Hemesh Singh. The company has its headquarters based in Bengaluru, Karnataka, and started out as a YouTube channel from 2010 to 2015.
Currently, Unacademy claims to have over 18,000 educators that offer free and subscription-based live classes along with preparation materials for professional and educational entrance exams.
As of 2020, the EdTech startup was valued at $2 billion. Unacademy raised over $4.5 million in their Series A funding from Nexus Venture Partners and Blume Ventures, Girish Mathrubootham, (the CEO of Freshdesk), and Ananth Narayanan (the CEO of Myntra) in 2017.
The company used these funds to strengthen its base of educators from 200 to 2000. Unacademy again secured over $50 million in their Series D funding round from existing Venture capital firms like Steadview Capital, Sequoia India, Nexus Venture Partners and Blume Ventures.
Olx short for Online Exchange is a popular Dutch online marketplace that was founded in 2006. The company is owned by Naspers (South African media group), has its headquarters in Amsterdam and operates in over 45 countries.
Olx allows its users to buy and sell from a wide range of products and services such as electronics, fashion items, furniture, household goods, and vehicles like cars & bikes. In India, Olx has launched special services like Olx Autos (in 2020) and Olx Cashmycar (2018).
Olx is not only popular in India, but also has a strong foothold in countries like Spain, Portugal, Mexico, South America, China, and the Philippines. Olx secured over $5 million in its initial stages of funding from Nexus Venture Capital in 2009.
Zolostays
Zolostays Logo | Nexus Venture funded startups
Zolostays is a Bengaluru based company that provides services for co-living and accommodation options especially to students and young professionals. The company was founded by Snehas Choudary, Dr Nikhil Sikri and Akhil Sikri in 2015 and is available in more than 10 cities across India.
Zolostays provides many budget-friendly unique services like good quality food, carefully curated living space, dedicated support team, free maintenance and zo-tribe events. Currently, the company claims to accommodate 40,000 Zolo properties and is aiming at reaching 200,000 beds by December 2022.
Zolostays has raised $56 million in its Series C funding from Investcorp, Nexus Venture Partners, Mirae Assets and Trifecta Capital in 2020. It had also earlier raised $40 million from Nexus Venture Partners, Olympia Developers, Patni Computers Family Office and Mirae Asset. The company will be using these funds to strengthen its technology and AI-driven operating platforms.
Pratilipi is a self-publishing e-platform that offers content in ten different Indian languages which are Hindi, Gujarati, Bengali, Marathi, Tamil, Kannada, Telugu, English, Urdu, Punjabi and Odia. Pratilipi was founded by Ranjeet Pratap Singh, Prashant Gupta, Rahul Ranjan, Sahradayi Modi and Sankaranarayanan Devarajan in order to promote Indian languages.
The company was launched in 2014 with its headquarters based in Bengaluru, Karnataka. The platform currently claims to have over 2 crore users and allows its users to publish or read their original works such as stories, poetry, essays and articles. Pratilipi secured over $1 million seed funding from Nexus Venture Partners in 2016.
In 2020, the platform went on to raise Rs 76 crore in their Series C funding round led by Tencent with participation from Omidyar Network, Bennett Coleman, Shunwei Capital and Nexus Venture Partners.
Rapido
Rapido Logo | Nexus Venture funded startups
Rapido is a well-known online bike taxi and logistics service providing a platform in India that was founded by Aravind Sanka, Pavan Guntupalli, and SR Rishikesh in 2015. The company has its headquarters in Bengaluru, Karnataka and currently operates in over 100 cities across India.
In 2018, the company had over 15,000 registered riders and more than an average of 30,000 rides per day. By 2019, Rapido has 1 crore registered users and had also created over 500,000 jobs in India. Rapido has over 15 million customers and 25 million app downloads, as of 2021. Recently, the company has also launched on-demand auto-rickshaw hailing services in 14 cities across the country.
Rapido raised over $11.2 million in its Series A round of funding from Nexus Venture Partners in 2019. In its Series C round of funding, Rapido raised $43 million from Westbridge Capital, Nexus Venture Partner, Pawan Munjal Family Trust, Everblue Bangladesh LLC, Motherson Lease Solutions, Everblue Bangladesh LLC, Motherson Lease Solutions, Konark Trust, MMPL Trust in 2021.
Yolobus is an intercity bus aggregator that has its headquarters in Gurgaon, Haryana and was founded in 2019. The company provides its users with world-class bus facilities that cover over 250 routes across India.
All their busses have facilities Wi-Fi, CCTV Cameras, and GPS tracking, their customers can also choose from options such as a fleet of sleeper, luxurious sleeper buses, and AC/Non AC buses, built-in washrooms, etc.
In 2020, Yolobus raised $3.3 million in their Series A funding round from Nexus Venture Partners and India Quotient. The company will use these funds to ramp up their services, technology, customer, crew safety and sanitization. It will also enhance safety measures as in the times of Covid 19, people are wary of travelling intercity.
Druva
Druva Logo | Nexus Venture funded startups
Druva is a cloud backup and data protection based firm that has its headquarters in Sunnyvale, California with offices in Greenwich, New York, Hong Kong, London, San Francisco and Mumbai. The company was started in 2008 by Jaspreet Singh, Milind Borate, and Ramani Kothandaraman in Pune, India.
Druva is a leader in providing services like SaaS-based data protection and management products to both companies and government agencies. The company aggregates the data of the enterprise data from endpoints, data centers, and cloud workloads for backing it up or restoring, compliance monitoring, security, and other uses, etc.
So far the company has over 750 customers and is known to protect over 300,000 endpoints worldwide. Druva secured $130 million from Sequoia Capital India and Nexus Venture Partners in 2019. Druva is a pioneer as it has created an industry-first application known as InSync that instantaneous automates backups for laptops.
Postman
Postman Logo | Nexus Venture funded startups
Postman is a popular collaboration platform for API Development that was founded by Abhinav Astana, Ankit Sobti and Abhijit Kane in 2014. The company has its headquarters based in San Francisco, California and claims to be used by over 13 million developers and 500,000 organizations worldwide.
The platform helps in simplifying every aspect of building an API and streamline collaboration so the users can create better APIs. Postman raised $150 million in their Series C round of funding from Global venture capital, Insight Partners, CRV and Nexus Venture Partners in 2018.
The company had also been funded by the Nexus Venture Partner in two other rounds first was $1 million in 2015 and $7 million (Series A round funding) in 2016.
Nexus Venture Partners is one of the leading early-stage investment firms that has helped many Indian startups to grow into unicorns today. The firm has been the most successful in funding software companies, rather than consumer internet unicorns that other venture capital firms prefer investing in.
Over the years, Nexus Venture Partners has earned nearly $500 million exits. Despite being termed as a software investor, the firm is currently investing in a wide variety of industries.
Frequently Asked Questions
What is Nexus Venture Partners?
Nexus Venture Partners is one of the first homegrown Venture capital firms and is a pioneer of investing in global technology products and technology-led business for India.
Who is the founder of Nexus Venture Partners?
Nexus Venture Partners was founded by Suvir Sujan, Sandeep Singhal and Naren Gupta in 2006.
What are the industries in which Nexus Venture Partners fund?
The industries in which Nexus Venture Partners fund are Enterprise Technology, Consumer Internet, Healthcare, Consumer, Business Services, Media, Software, Big Data Analytics, Data Security, Fintech, DevOps, Open Source, Education, Commerce, Gaming, Cloud, Saas, Agribusiness, Rural Sector, Energy, etc.
What are startups funded by Nexus Venture Partner?
The startups funded by Nexus Venture partners are Postman, Druva, Yolobus, Rapido, Pratilipi, Zolostays, Unacademy, Olx, Delhivery, Shopclues, and Snapdeal among others.
Myntra is India’s favorite shopping platform for customers who believe in quality over perfection. When we talk about fashion and online shopping, the first thing that comes to our mind is Myntra. Myntra in its initial days started selling personalized gift products to the largest fashion site in India. Along the journey Myntra acquired a lot of subsidiaries that helped in growing its business.
Myntra, an Indian e-commerce fashion company is located in Bengaluru, India. The company was launched in 2007 to sell personalized gift items.
Founded by Mukesh Bansal along with co-founders Vineet Saxena, and Ashutosh Lawania. In its initial days, Myntra sold on-demand personalized gift items.
From 2007 and 2010, it mainly operated on the business-to-business model.
Myntra began selling fashion and lifestyle products and moved away from personalization in the year 2011.
By the year 2012, Myntra started offering products from 350 Indian and International brands that are more in demand in the clothing market.
Myntra earns by following an aggregator model. The main business plan of Myntra is to buy the latest merchandise and selling it to the customers. Buying current season merchandise from several popular and quality brands, and making the product/item available on its website. The main earning of Myntra comes from the commission. Myntra follows the B2C (Business to customer) revenue model to generate revenue and increase its sales.
Before discussing its subsidiaries and acquisitions, let us understand what is meant by Subsidiary.
What is a Subsidiary?
A subsidiary, subsidiary company, or daughter company is a company that is owned or controlled by another company, which is called the Parent company, Parent, or Holding company.
The subsidiary can be a company, corporation, or limited liability company.
When company A owns/acquires more than 50% of the voting stock of another company B, then in such circumstances company B becomes the subsidiary of Company A and obtaining control of its operations.
At the time of acquisition by Flipkart, Myntra had a total of 1,50,000 products of over 1000 brands, catering to over more than 9000 pin codes in India.
Ananth Narayanan became the Chief Executive Officer (CEO) of Myntra replacing co-founder Mukesh Bansal in 2015.
On 10th May 2015, Myntra announced to shut down its website to solely focus on serving its customers through mobile applications starting from 15th May 2015. This decision resulted in failure.
Acknowledging the failure of the application-only model, Myntra announced to revive its website in Feb 2016.
Myntra functions and operates independently after the acquisition by Flipkart. Myntra still continues to operate as a standalone brand under Flipkart by solely focusing on fashion-conscious customers.
Flipkart acquired Myntra in 2014
Myntra – Subsidiaries and Acquisitions
Below are the details of the acquisition and deal dates when the deal got finalized.
Company Name
Deal Date
Online Services Pvt. Ltd.
August 01, 2018
Withdraw
April 16, 2018
20Dresses
November 29, 2017
InLogg
April 19, 2017
Jabong
July 26, 2016
HRX
July 20, 2016
Cubeit
July 12, 2016
Fitiquette
April 04, 2013
Exclusively
November 09, 2012
Myntra Acquisitions
The Important and Deal breaking Acquisition under Myntra are:
HRX
Jabong
Fitiquette
Roadster
Here, we’ve tried to mention some of the companies acquired by Myntra, their functioning, and operation under Myntra.
Fitiquette
The company is located in Sans Francisco. Fitiquette is the world’s first virtual dressing room platform that enables online shoppers to virtually try before they buy option. It provides an online shopping experience that is very similar to the offline model like buying from the stores.
The technology used in Fitiquette shows virtual mannequins based on the body types of the users. This can further adjust the specific measurements of the users based on their body until it closely mirrors their own. The unique thing about this technology is that the clothing chosen is represented as the best fit based on a series of measurements. (Example. S, M, L, XL).
Myntra owns the fashion brand Roadster, Myntra’s outdoor lifestyle brand which was launched in December 2012. It generates close to 7% of the total sales.
Myntra’s lead designer for the Roadster brand is the famous Vanni Lenci. Roadster has launched an all-new licensed Roadster MotoGP collection. It is the first Indian brand to enter into an exclusive collaboration with the world’s premier motorcycling championship, MotoGP on Aug 18, 2016.
It is quite surprising that, despite having Deepika Padukone’s “All About you” and Hrithik Roshan’s “HRX” brands in its pocket, Roadster is the biggest moneymaker for Myntra.
Pretr Online Services Pvt. Ltd.
Pretr Online Services Pvt. Ltd. is India’s first-ever end-to-end omnichannel platform for retail. Pretr (prettier) was launched in 2016 by two technology executives Bhavik Jhaveri and Ankur Joshi. Pretr is currently operating from Mumbai, India.
Pretr is a marketplace that provides a seamless shopping experience to customers. It is an efficient selling platform to Fashion & Lifestyle Retailers which include Esprit and Mango. Myntra’s own private labels such as HRX and Moda Rapido uses Pretr’s technology platform. This technology platform helps retailers with a bunch of services, including order management and store analytics.
Jabong
Myntra Subsidiaries Jabong
Xerion Retail Private Limited, also popularly known as Jabong, was a private company that was located in Gurgaon, Haryana. It was launched on 23 September 2011. It was classified as a private limited company. Jabong operated only on online fashion and lifestyle stores. It sold numerous products ranging from clothing, bags, shoes, sunglasses, jewellery, watches, and many more.
Jabong was acquired by Flipkart in July 2016 through its eCommerce unit Myntra for $70 million. Flipkart formally shut down Jabong in February 2020 to shift focus completely on its premium clothing platform Myntra.
Myntra’s Parent company Flipkart Acquires Jabong
Witworks Consumer Technologies Pvt. Ltd.
Witworks Consumer Technologies Pvt. Ltd. is a consumer technology company operating and serving customers across India. Witworks is a maker of wearable devices to strengthen its technology team. The company manufactures wearable products like connected smartwatches, smart shoes, and intelligent clothing with biosensors.
Myntra has kept its image in providing quality products and merchandise. Myntra has always focused on quality with perfection and has kept a steady customer service. Its business is well-maintained which has to lead to the first click to an online fashion destination. Myntra bought Bengaluru-based startup Witworks in April 2018.
HRX
Myntra Subsidiaries HRX
HRX is a 5-year-old brand and platform based on a life philosophy to keep pushing. HRX is India’s first celebrity brand that was founded by Hrithik Roshan who is also the brand ambassador for HRX. It is also India’s first homegrown brand that solely focuses on the sports and active lifestyle space. The brand was founded by Hrithik Roshan and co-founders Afsar Zaidi, Kamal Punwani, and Sid Shah. HRX was acquired by Myntra, the online fashion store owned by Flipkart on Jul 20, 2016. It acquired a 51% stake in HRX.
The company was formed by taking inspiration from Hrithik Roshan’s life. No matter how big adversity, it can be overcome with perseverance. It was created to inspire and guide billions of people. HRX main aim is to help people achieve their fitness goals. HRX is a mission that helps us enable and support people to be the fittest, happiest, and most confident version of themselves.
Myntra is India’s favorite shopping destination where quality meets perfection. If you are the one who wants to explore more before buying, want quality products over price, and looking for well-designed products, then Myntra is the best option for you. Myntra has a huge variety of brands. You don’t need to worry about the quality of the products. As Myntra only focuses on quality and authentic products. The products go through a quality check where the products are thoroughly checked. Myntra’s revenue model is B2C (Business to customer). All the products are only available on Myntra’s platform. The products are genuine and are directly collected from the merchandise stores. Enjoy shopping from Myntra.
FAQs
Myntra is owned by which company?
Myntra is owned by Flipkart. Flipkart is Myntra’s Parent Company.
Does Myntra sell fake products?
No, Myntra does not sell counterfeit products at all. Myntra is an aggregator and seller of products. If someone gets a bit downgraded product from any of the leading brands, consider it as the brand’s product only.
Is Myntra good for clothes?
If you are the one who wants to explore more before buying then Myntra is the best option for you. Myntra has a huge variety of brands.
Why Myntra is expensive?
The one things great about Myntra is – the variety and size availability. They are also the market leaders and that’s perhaps the only reason for the pricing. People do buy at Myntra without even looking at other Portals.
Is Myntra profitable?
Myntra Designs revenue up 58% to Rs 1,719 crore, losses increase by 38% Walmart-owned online fashion retailer Myntra Designs Private Limited reported its revenues for the financial year 2019-20 as Rs 1,719 crore, a 58% jump since the last financial year.
In the world of e-commerce, eBay is one of the most trusted names, everyone believes. The American multinational e-commerce company, founded in 1995 is eBay. It is located in San Jose, California. This multinational e-commerce giant was founded by the half Iranian and half American computer programmer, named Pierre Omidyar. He launched the company on September 3, 1995.
And later with the hard work and eminent success, it became a notable success story. Before knowing some surprising facts about eBay, let’s have a look at its highlights.
However, everyone might be aware of this giant e-commerce site, but a few are only the ones who know some interesting facts about eBay. So, these are some interesting and exciting facts about eBay.
Ebay – It all started in 1995
As they say, everything starts from one point only, it also happened with eBay. eBay was established on 3rd September 1995, as the dream project of a 28-year-old computer programmer. That 28-year-old guy, named Pierre Omidyar. It was when he was working aside his normal job, on an online auction website, for fun. But while designing code for the website, he noticed it started getting great traffic and then he decided to launch it as a business. Later it got renamed eBay.
Surprising Facts about eBay
Ebay – It is the British’s Favorite
Across the whole world, eBay is used in innumerable ways. But it’s the UK where they find this e-commerce site much more interesting. In a survey, it was claimed that around 19 million Brits use it in their day-to-day life. It may be about selling old items, or about buying new products. They prefer to eBay the most for their beneficiaries.
Ebay – First Product sold was a Broken Printer
Every first thing holds its credit. And, like always it is remembered for. The first thing that got sold on eBay was a broken laser printer. For testing purposes, the company owner himself thought of selling the broken laser printer laying around his house. At first, for the first week, it didn’t sell, with a base price of 1 dollar. But during the second week, it got sold for a bidding price of 14.83 dollars.
Ebay – Started with a Yellow Interface
Not everyone would have noticed, but it was a dark and glaring yellow color background used for the interface. It was during the starting days, and it was the original design. But eventually, it changed with time and became white. But later on, with the complaints of the customers, it again got changed to its previous color. But the company changed the color of the interface slowly and subtly with time, which the customers didn’t notice.
Ebay – First thing sold in the UK
As it is mentioned, the British use eBay a lot. And the first item sold in the UK was a Compact Disc. This product was of a German rock band by The Scorpions. Although it was not the original piece, it was a copy of their previous release named “You & I”. This album was released in 1996.
Ebay – A Feedback Score of 1 Million
On November 13, 2008, Jack Sheng became the first person among the multiple ones, to get 1 million feedbacks. It was after 8 years of selling that he achieved this height. Considering the hard work and success, eBay also organized a special shooting star icon. And, then Jack managed to double the number only within 18 months.
Ebay – NASA Bought Machinery
It may sound a little weird and unbelievable, but yes, Nasa even used eBay. The one thing that fascinated Nasa was, one can find everything and anything on eBay. Hence, when they needed some second-hand machinery replacement products, they turned to eBay. And, within no time they got fruitful results.
Ebay – The Most Expensive item sold is a Yacht
Most Expensive Yacht sold on Ebay
A 405 foot, which is 123.4 meters, superyacht designed by Frank Mulder, was the most expensive item sold on eBay. It got sold for a whopping amount of 170 million dollars. Before this, some other items also reached millions, but never got this big. The lucky winner of this bid was a Russian billionaire named, Roman Abramovich.
Ebay – The Naming
At first, it was not the name eBay for this giant multinational company. Well, it may sound a little strange, but this is the truth. Auction Web was the first name given to this site. But later the founder decided to change the name, hence he opted for the name Echo Bay, but this name was already taken. Hence, he shortened it and settled for eBay.
Ebay – A Town for Sale
Bridgeville town for sale on Ebay
Interestingly, a town named Bridgeville, addressed at California, was auctioned for sale, twice on this commercial site. In 2002, it almost got sold for 1.77 million dollars, while the buyer backed out at the last minute. But again in 2006, it was finally sold for an amount of 7 million dollars. The landowner got a profit of three cattle, eight houses, and a minor post office.
Ebay – Some Crazy Items Sold
This is one of the coolest facts about eBay that it sells literally everything one can ever want. Some crazy items ever sold on eBay include a grilled cheese sandwich portrait which was believed to be of the Virgin Mary. It also includes the hair of Justin Bieber and Willian Shatner’s kidney stone.
Ebay – A Hat for a Special Cause
Princess Beatrice hat
To raise funds for UNICEF and children suffering in crises, eBay auctioned the special hat worn by Princess Beatrice. And, positively it also summed up a total amount of 80000 Euros. Then, the price was submitted for further well-being.
Ebay – Discovered a New Life
It is a little strange and unbelievable, but a new life was discovered on eBay. In the year 2006, when someone posted something in the form of a rare sea urchin. The natural history museum noticed this strange and undiscovered species. And later it was named Coelopleurus Exquistius.
Ebay – No limit to sale at once
To date, it is still unclear how many items can be posted at a time. But for the record, it is 800 million, collectively. The simplest selling process and the easily accessible interface make it one of the most used e-commerce sites for a reason.
Ebay – An Auctioneer’s Paradise
As mentioned earlier, it is the auction process that fascinates a lot about eBay. The bidding wars can be performed by anyone and at any point of time, with just a finger-tip, comforting on the couch. Hence, this would always remain as the virtual auctioneer’s paradise.
Conclusion
Hence, it is the convenience and the satisfaction of the customers which has made the company so successful and popular over years. Therefore, one must obviously drop an eye whenever he or she gets some spare time on this site. And find out what this virtual auction house contains in its store.
FAQs
When was eBay established?
eBay was established on 3rd September 1995.
What was the first item sold in the UK?
The first item sold by eBay in the UK was a Compact Disc.
What is the earlier name of eBay?
The earlier name of eBay is Auction Web.
What is special about eBay?
eBay allows to list new or used items for auction fora very low fee. This is the uniqueness of eBay.
Why is it called eBay?
It is called so after the name Echo Bay Technology Group, Omidyar’s consulting firm.
Netflix is a popular OTT platform that has grown widely and has a worldwide presence. The OTT platform has the majority market in the OTT platform and has the best shows which include The Witcher, Lucifer, Crown and many more.
They also have Netflix original movies which have a huge fan base. Netflix has made a recent announcement of launching a new platform called Netflix Shop. In this article let’s look at what exactly is Netflix shop and how Netflix plans to enter the e-commerce space with it.
Netflix has announced the launch of its online e-commerce store called Netflix shop. The online store will be selling the Merchandise of the Netflix original series. The sales are expected to start with the famous Netflix original series that is Stranger Things and the Witcher.
The online store has been launched and Netflix shop is the first retail outlet that is owned and operated by Netflix which sells products directly. The business model of Netflix e-commerce store is it will sell high quality apparel and lifestyle products that are related to the famous shows of Netflix and the products are going to be carefully chosen and limited edition.
Netflix has conveyed that their e-commerce store will soon see an exclusive release of merchandise based on the two popular original series of Netflix that is the Witcher and Stranger things. Both the shows have a huge fan base and Netflix is also planning to introduce a new Netflix logo wear from BEAMS which is a Japanese fashion house.
Beam Clothing
The company has announced that during the third week of June it plans to release the merchandises based on the Anime series Yasuke and Eden which would be streetwear and action figures and they also added that the store will also release limited edition apparel and decorative items from the French thriller series Lupin with a collaboration of Musee du Louvre.
Netflix has also conveyed that they are introducing the collection of collectibles that are inspired by anime’s from three up coming designers i.e., Kristopher Kites who is a noted jewelry maker, Jordan Bentley who is a streetwear designer, and Nathalie Nguyen who is a digital artist.
Is Netflix Entering the E-commerce space?
The most important aspect to be noted is that Netflix already has licensing deals for a lot of products that are sold by other companies. The top companies such as Amazon, Walmart, H&M, Target, Sephora and other retail investors have been selling the products merchandised products of the shows related to Netflix.
So, the next question is what difference does it make with Netflix launching its own E-commerce website. The strategy of Netflix e-commerce store is it would sell only the carefully chosen limited edition merchandise on its e-commerce store. The aim of the company is to sell the limited edition items to the super fans of the shows.
This is considered to be a move from Netflix to enter into the e-commerce segment as well as a move to increase the revenue generation of the company. This can be marked as an official entry by the OTT platform into the e-commerce segment and we will be able to see much more collectibles and limited-edition merchandise being released to the online platform of the company.
Media Platforms that are already in E-commerce Space
Even though Netflix has launched its new e-commerce platform for selling its merchandise products, Disney has been into the field for a very long time. The consumer products of Disney have earned a revenue of around USD 16.5 billion in the year 2020.
Disney has their own consumer products where they sell products such as Baby Yoda dolls and also an outlet such as theme parks.
Netflix shop website
The e-commerce website that is launched by Netflix was developed and launched with Shopify. It is to be noted that the e-commerce store will first be available in the United States and the company will later focus on expanding it to other countries.
Netflix Shop website
Netflix had also conveyed that they do not have any plans to open the outlets of brick and mortar.
Conclusion
The launch of the Netflix e-commerce website can be considered to be one of the important steps taken by Netflix to venture into the consumer goods segment. We may be able to find a lot of demand for the merchandise products listed on the site of Netflix by their super fans.
FAQ
What is Netflix Shop?
Netflix Shop is an ecommerce store launched by Netflix for selling merchandises of the popular series.
Is Netflix Shop available in India?
No, the shopping site will first be available in the United States and the company will later focus on expanding it to other countries.
What are the current merchandises on Netflix Shop?
Netflix has introduced a new logo wear from BEAMS and is planning to launch limited edition merchandises for super fans.
Do you want to start your own E-commerce business in India?
Look no further we’ll help you right away
Gone is the time when building an e-commerce business in India was just a dream, well clear all your doubts regarding starting your own e-commerce business. When originating an e-commerce business, most individuals opt for the dropshipping model of business. Why is that so?
Most entrepreneurs recommend dropshipping business in India, because there are fewer risks and fewer funds required to start the business. In this guide will explain you to start your own dropshipping business in India with help of aliexpress.
Dropshipping is a business model in which the retailer does not require to have a stock of the products which they are selling, instead, they give the order and shipment details to the wholesalers, and then the wholesaler will directly forward the product to the customer. The benefit of this is that the retailer does not have to store the stock of products.
Now let us look at which dropshipping service is most suitable for you!
The most dropshipping service recommended by most e-commerce startups is AliExpress dropshipping service.
Dropshiping
AliExpress Dropshipping in India
AliExpress Dropshipping service is a service that allows you to sell a variety of products on your online store, With the help of AliExpress, you don’t require to maintain a warehouse.
You can list the products of AliExpress on your website and when a customer orders a product from your website, later AliExpress manages the rest. AliExpress accepts the order from you and then ships the order directly to your customer from their warehouse.
AliExpress Dropshipping
Dropshipping with AliExpress is the most profitable way to start your entrepreneurship venture.
Benefits of AliExpress Dropshipping
You can choose several products from your dropshipping store.
The burden of maintaining a warehouse is eliminated.
You don’t require a hefty amount to commence the business.
Retailers can price their products as per their preferences.
10 Easy Steps to Get You Started With AliExpress Dropshipping Business in India
Step 1:
First of all, you need to visit the AliDropship site to commence with.
Step 2:
After that, you can buy the plugin or let AliExpress build a store for you.
Step 3:
You have to choose a niche of products that you are interested to sell on your site, after that you have to select the products you need to dropship.
Step 4:
Now you can add the products to your list which you have chosen to resell (While choosing a product, analyze the product thoroughly).
Step 5:
Now add the product descriptions accurately on every product your Dropshipping (description should be informative and attractive).
Step 6:
Price the products efficiently and create a payment gateway so that customers can purchase the products with credit cards or by other non-cash payment methods
Step 7:
When a customer places an order inform the customer about the shipping cost and time and help them track their orders effortlessly with the help of an tracking application.
Step 8:
Advertise your product with the help of different digital marketing agencies.
Step 9:
You must need to prepare a spreadsheet of the products that you are selling with the price quoted of both you and AliExpress.
Step 10:
The final thing you need to learn is to manage your site regularly and efficiently.
Conclusion
Starting and Building an e-commerce business in India is not easy, but success does not come easy, You have to be patient and hardworking in this business full of contenders. With a well-planned idea, you can accomplish your business plan successfully. You can start your own Dropshipping business in India with the help of AliExpress dropshipping India.
Yes, you do need an LLC for your dropshipping business.
How much do I need to invest to start dropshipping?
Though it’s hard to predict the exact costs for any individual business, there are a few items every dropshipping business will need to spend money on in order to get started.
Is dropshipping a legitimate business?
Dropshipping is merely a fulfillment model, one used by many global retailers, and is perfectly legal. Like with any business, satisfying customer expectations and building a brand that resonates with the right audience is still key to long-term success.
Flipkart which is owned by Walmart has announced that it will cover insurance for all its platform sellers in India and waive additional fees. The announcement was made after Amazon’s announcement which said that it would reduce 50 % of the referral fees which the sellers on Amazon’s platform are required to pay this month. Let’s look at the details of the insurance cover provided by Flipkart to its sellers.
Flipkart which is owned by Walmart has announced that it would not charge cancellation and storage fees from its sellers that are listed on their platform. They also announced that they would be providing insurance coverage to its sellers.
The main reason behind this step is to maintain a strong and friendly relationship with its seller base which is more than 3,00,000. Flipkart is the top most e-commerce platform in India and during this unexpected phase due to the global pandemic and increase in the number of Covid-19 cases in India, they are looking to support the sellers who are facing severe disruption.
Details of the Insurance
As several Indian states have imposed a strict restriction on the movement of individuals and cut down the selling of non-essential items on the e-commerce platforms, the Bangalore headquartered company on 7 May 2021 had announced that it would reduce the storage fees of sellers who are using the fulfillment centers of Flipkart and they are also reducing the cancellation fee till the end of this month.
The company had announced that it would bear a 100% premium for Covid insurance to all the sellers that are listed on their digital platform. The company conveyed that they would cover a consultation fees and hospitalization fees in between INR 50,000 and INR 3,00,000.
Flipkart had also announced that the company is making it easier for sellers to access working capital from the firm without any increase or addition on the cost.
The company has also taken a step to increase the period for Seller Protection Fund from 14 days to 30 days in order to make claims on returned products. Flipkart also conveyed that they would make their policies and performance metrics much easier for the sellers so that the state-wise lockdown doesn’t affect them.
Additional Steps taken by Flipkart
The company has announced that it has partnered with Vriddhi, which is a Supplier Development Programme in India by Walmart. The main aim of the programme is to host webinars for the small businesses in order to share the best practices which will help them to stay afloat during the crisis and ensure the safety of their workforce.
Jagjeet Harode who is the senior director and the head of the marketplace at Flipkart had conveyed in the statement that in these testing times, it is the company’s consistent efforts to support the seller partners who are facing a lot of challenges relating to operation in the country due to the pandemic.
He also added that as a democratic marketplace, the company would want to make sure that lakhs of seller partners would be able to continue their operations and keep their economic engines running.
FAQ
Is flipkart delivering non essentials?
Amazon and Flipkart have suspended delivery of non-essential items
Who is the founder of Flipkart?
Sachin Bansal and Binny Bansal are the founders of Flipkart.
What is the revenue of Flipkart in 2020?
346.1 billion Indian rupees
Conclusion
India has been witnessing a huge increase in the infections and has recorded the highest single day spike in the number of cases around the world. The lockdowns implemented in various states and the major metro cities in the country have affected the e-commerce firms and their sellers. This would be a great initiative from the company in order to support their seller base in the country.
