With 1 lakh orders per month, LatestOne.com is clocking in quarterly revenues of INR 12 crores
From clothes to groceries to electronic items to medicines, everything is available online and there has been an influx of several new platforms in this particular segment. However, the road to e-commerce business is not easy; many old and new platforms have been found struggling to generate profits.
Amidst this sea of e-commerce sites, Palred Technologies’ LatestOne.com claims to achieve staggering figures, unlike many of its counterparts. Launched in June 2014 by Palem Srikanth Reddy, Latestone.com offers a one-stop complete solution in tech accessories such as mobile covers, tablet accessories, cables, power banks, android TVs and CCTVs. It’s the only public listed e-commerce platform in the country.
“LatestOne.com was founded with an aim to provide a one-stop online shopping platform for tech users looking for latest designs, models, gadgets and accessories for their tech and mobile products. We are a B2C, inventory-based online store and unique in our vertical specific e-tailing business. Unlike others, we are catering to a specific segment and this gives us leverage over everyone else,” says Palem, Founder and Director, LatestOne.com. The company claims to have invested Rs 30 crore to build the inventory.
When asked about uniqueness of this platform in e-commerce segment, Palem says, “We serve a market of low-value products sold in high volumes.”
The company claims to have five lakh customers across the country. The website receives 25 per cent of orders from Mumbai and Pune, 20 per cent from Delhi-NCR, 15 per cent from Bengaluru and 40 per cent from the rest of the country.
Figuring out achievement
The website receives 1,50,000 organic traffic every day. The company claims to have successfully crossed the milestone of processing 1 lakh orders in a single month within the first year of operations.
According to Palem, the company started operations in Aug 2014 with 3,000 orders in the first month. In July 2015, it processed over one lakh orders. This growth has strengthened its position as the market leader in online sales of tech and mobile accessories, he adds.
The company is growing at 50 per cent quarter-on-quarter. Its current quarter net revenue will be Rs 12 crore.
The company is in early stage of raising Rs 150 crores from domestic investors for global expansion. It will be the first Indian company to do global e-commerce business with operations launching in five emerging economies.
There is a huge market opportunity to grow in this particular segment. The market is worth Rs 20,000 crore, but only Rs 500 crore worth market is online.
Speaking of his company’s growth, Palem says his net revenue can grow to Rs 250 crore in three years.
Talking about the existing competition, Palem says, “The company is ranked 1,400 on Alexa ranking in India. We have one lakh orders per month and almost 50 lakh visitors to the site per month. We have 10,000 SKUs in stock and one million registered customers so far. On these metrics we see little competition posed by any other website in this segment.”