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NumberMall aims to double GMV to 300 cr this fiscal
Piggybacking on the sharp rise that it is witnessing in its ecommerce business, NumberMall Private Limited, a Hyderabad-based merchant-managed payment gateway services platform, is looking at doubling its gross merchandise value (GMV) to Rs 300 crore by the end of this financial year.
Hyderabad: Piggybacking on the sharp rise that it is witnessing in its ecommerce business, NumberMall Private Limited, a Hyderabad-based merchant-managed payment gateway services platform, is looking at doubling its gross merchandise value (GMV) to Rs 300 crore by the end of this financial year.
GMV is a term used in online retailing to indicate a total sales value for merchandise sold through a particular marketplace over a certain time frame.
Founded in 2012, NumberMall helps neighbourhood mom-and-pop retail outlets (kirana stores) earn additional revenues of up to Rs 20,000 a month, by offering value-added services like telecom recharges, DTH bill payments, bus ticket booking, domestic money transfers, bank cash deposits and hyper-local deals on its mobile app and website.
“We are currently piloting digital kiosks at 100 kirana stores, which help merchants sell kitchen appliances, feature and smartphones, mobile accessories, jewellery etc, while providing an e-commerce experience to the customers. We expect at least 30 per cent of our retailers to embrace this new technology by the end of this year,” Founder and Chief Executive Officer Kiran Gali told The Hans India.
Besides enabling online shopping, NumberMall’s Android-based dual-screen kiosks help kirana merchants run schemes and promotions. The company, which had raised Rs 5 crore from SRI Capital, a seed-stage venture capital fund promoted by serial entrepreneur Sashi Reddi, in late 2014, currently has 25,000 merchant partners across five south States and Maharashtra covering 400 towns and cities.
“We don’t have any geographical limitations. We are planning a pan-India presence, with 100,000 merchants on board, by the end of the 2017 calendar,” Gali said, adding that NumberMall was targeting to treble its product offerings to 300,000 SKUs (stock-keeping units) by the end of the next fiscal to make its platform more robust. “Kiranas drive 92 per cent of the retail business in India. Enabling this $600-million opportunity through technology platforms like kiosks is definitely a value preposition,” he said.
By K Rajani Kanth
