Ecommerce platform CoutLoot said it added nearly eight lakh new sellers in 2022, helping offline retailers earn higher margins and sales due to increased orders.
The company, a non-grocery non-MRP retail platform, said 80% are actual offline shops from India’s small bazaars and they acquire them through seller referral, digital marketing and offline activations.
“CoutLoot drives demand for these offline shops by getting buyers for these shops where buyers can live bargain in local languages on the price of the product and order,” said Jasmeet Thind, co-founder of CoutLoot.
“We are a mobile first full stack where we also provide supply chain access, logistics, payments and other value added services for the offline shops to better serve the 500 million plus mass consumers both offline and online.”
Founded by Thind and Mahima Kaul, CoutLoot has more than 16 million users and over 32 lakh sellers and stores in its network with an annual gross merchandise value of $100 million.
According to a recent report by JM Financial, India has seen digital distribution precede physical distribution across multiple industries and sectors and that creates an inherent value proposition for Indian startups that are solving for real customer pain-points and are disrupting the middle men.
“Further, Indian government’s continued focus on digital ecosystem is likely to enable faster penetration and organic customer acquisition for the digital-first players,” said the report.
The company claimed lakhs of street shops and small businesses have gained customers and multiplied their profit margins with the help of CoutLoot.
For instance, Jaipur-based Kavya Creation said it has doubled its profit margin while Ludhiana’s Sam Fashion saw strong growth in both sales and profit after setting up digital store on CoutLoot.
The company has so far received funding of $17 million from investors including Ameba Capital, 9Unicorns, NB Ventures and Artha India Ventures among others.
The company claimed that its seller retention on the platform has scaled three times further due to demand and supply chain control and without any field sales force, it has also scaled a B2B business in a profitable manner by connecting seller stores directly to factories.