The company plans to set up their very first assembling unit in the city of Ahmedabad, with the initial investment of Rs 100 Cr.
The UAE based eCommerce and Direct marketing company, Phygicart is all set to enter into the Indian eCommerce market, following its success in Gulf Countries. With its initial investment of Rs 100 crore raised from Boby Chemmanur, Chairman and Managing Director of Boby Chemmanur International group, the company will kick-start its operation in Kochi from July 8.
Boby Chemmanur International Group which is valued at Rs. 4000 crores, runs 44 jewellery showrooms globally under its flagship brand Boby Chemmanur International Jewellers.
With big basket players like Walmart, Phygicart entering into the Indian eCommerce, the future looks promising on the online retail front, which is currently no more than 3% of the total retail industry in India, and as per eMarketer report, Indians will be spending $72 billion (approx) on eCommerce by 2021.
“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 also in various stages of discussions to take over certain other brands,” said Anish K Joy, Co-founder, CEO Phygicart.
Phygicart was founded in 2016 by Anish K Joy & Joll Antony from Dubai. The company now has approximately 20,000 partner stores across all the Emirates country. Headquartered in Dubai, the company follows a hybrid method of combining digital & physical marketing.
With the investment, Phygicart aims to provide an opportunity to small and medium enterprises (SMEs) who come up with innovative products. Also, through this model, the company will be making partners as well as consumers. The company aims to expand operational footprint across 7 countries by 2022, including other countries like the US and Nepal.
The Indian eCommerce ecosystem is currently going through one of its most volatile periods. With speculations circling the startup ecosystem, and confusion getting increased around the guidelines, there has been observed a slight shift in the strategies of the big players.
Phygicart has 5000+ products which typically includes electronics, cosmetics, food, wellness and dress materials. The website is used both for eComm retail & direct marketing. For more such exclusive news stay tuned with inventiva.co.in.
Source: BW Disrupt