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LatestOne eyes `100 cr from B2B business
Announcing the launch of the B2B portal, which offers over 25,000 SKUs (stock-keeping units) with a minimum order value of Rs 3,000, in Hyderabad on Wednesday, Reddy said the company would be launching the B2B mobile app sometime during December.Â
Hyderabad: Mobile and tech accessories’ etailing company LatestOne.com, owned and operated by Hyderabad-based Palred Technologies Limited, is aiming at garnering Rs 100 crore in revenues from its B2B (business-to-business) division by the end of the 2018-19 financial year, said its Chairman Palem Srikanth Reddy.B2C (business-to-consumer) is where the hype is and B2B is where the business is,” he said, adding that the company was expecting its B2B platform to onboard 1,000 dealers during this fiscal and 6,000 in the next, and eventually touch the 10,000-mark by FY19.
Announcing the launch of the B2B portal, which offers over 25,000 SKUs (stock-keeping units) with a minimum order value of Rs 3,000, in Hyderabad on Wednesday, Reddy said the company would be launching the B2B mobile app sometime during December.
LatestOne.com, which started commercial operations in May 2015, currently attracts 1.2 lakh visitors and processes over 4,000 orders per day. Its registered customer based is set to reach the two millionmark by the end of this quarter.
The etailer, which has two managed marketplace and inventory-led fulfillment centres in Mumbai and Delhi, is looking at opening more such centres to meet demand and maintain the committed delivery time. While we will be expanding our Mumbai centre from the existing 500 sft to 10,000 sft by the end of this fiscal, plans are on the anvil to open a new 15,000-sft fulfillment centre, ideally between Bengaluru and Chennai or on the Andhra Pradesh boarder, by February 2017. We are yet to figure out a suitable location,” Reddy said.
Stating that the parent firm has so far invested Rs 30 crore in LatestOne.com, he said it was looking at infusing Rs 45 crore more, primarily aimed at turning Palred Technologies into a Rs 300-crore revenue company in the next two-and-half years.
Palred clocked net revenues of Rs 40 crore in FY16. While the promoters will infuse Rs 15 crore, we have given a mandate to investment bankers to identify co-investors for the remaining,” he added.
