Currency
Currency

Phygicart to enter Indian e-commerce space; to invest Rs. 100 crore

ANI | Updated: Jul 06, 2018 15:03 IST

New Delhi [India], July 6 (ANI): UAE-based e-commerce-cum-direct marketing firm Phygicart is all set to enter in the Indian e-commerce space with an investment worth Rs. 100 crore in the first phase.
After head-starting its businesses in the Gulf countries, the company's foray in India is a part of Phygicart's plans to expand operational footprint across seven countries by 2022, including the US and Nepal, and to rake in USD 1 billion in turnover.
Started by entrepreneurs Anish K. Joy and Jolly Antony in 2016, the firm now has more than 20,000 partner stores across all the seven Emirates.
The investment would be used to make our own products for which we are planning to set up an assembling unit in Ahmedabad, build our brand and enter into tie-ups with other brands.
"We are in various stages of discussions to takeover certain other brands. The model enables an individual to become a consumer and also a partner simultaneously, while we would be also sharing the profits with our partners. The initiative is also to provide an opportunity to small and medium enterprises (SMEs) who come up with innovative products," said Joy, Phygicart's Chief Operating Officer.
"The major drawback of e-commerce business is that it cannot establish a direct personal rapport with customers. We have rectified this," said Boby Chemmanur adding that Phygicart.com will distribute about 60 per cent of its total profits to partner store owners who join by logging in to phygicart.com
Phygicart is a marketplace that connects both e-commerce and direct marketing on a single platform. A customer starts his relationship with the company by logging onto the firm's website and ordering its products. The company's more than 5,000 products range from electronics to cosmetics, food to wellness and dress materials among others. (ANI)

iocl