UAE based Phygicart enters Indian ecommerce market with initial investment of Rs 100 Cr
The India foray is a part of Phygicart’s plans to expand its footprint across seven countries by 2022, including US and Nepal, and to achieve a $1 billion turnover
Riding on its success in the Gulf, Dubai based ecommerce and direct marketing company, Phygicart.com announced its entry into India with an initial investment of Rs 100 crore. Phygicart, which follows a hybrid method of combining digital and physical marketing, will flag off its India operations from Kerala this month.
The amount would be invested by Boby Chemmanur, Chairman and Managing Director of diversified Rs.4,000 crore Boby Chemmanur International group. The group runs 44 jewellery showrooms globally under its flagship brand Boby Chemmannur International Jewellers.
The entry into India proves that the Indian ecommerce market is not a done deal after the Flipkart-Walmart deal. The incumbent e-tailers have just managed to scratch the surface of the total retail market. The online retail market is less than three percent of the total retail industry in India and research firm eMarketer has predicted that Indians will spend $71.94 billion on ecommerce by 2021.
Phygicart was started by entrepreneurs Anish K Joy and Jolly Antony in 2016 in Dubai, and the firm now has more than 20,000 partner stores across all the seven Emirates. In India, the firm is being promoted by Boby Chemmanur.
The investment would be used to make the company’s own products for which it is planning to set up an assembling unit in Ahmedabad, and enter into tie-ups with other brands.
Anish K Joy, said, “We are also in various stages of discussions to take over certain other brands. The model enables an individual to become a consumer and also a partner simultaneously, while also sharing profits with our partners. The initiative is also to provide an opportunity to small and medium enterprises who come up with innovative products.”
The company has more than 5,000 products that range from electronics to cosmetics, food to wellness and dress material, among others.