Assisted e-commerce startup- StoreKing raised $16 million from Axiata Group Berhad(A Malaysian Telecom Co.) under their brand Axiata Digital. StoreKing is owned by Local Cube Commerce Pvt. Ltd. It had raised $6 million from Mangrove Capital Partners in March 2015.
- Expansion to Tier III market.
- Boarding 1 lakh retailers on the platform by 2017.
- Expansion plan to pan india region as it’s active in South India only.
It provides a platform to rural retailers to engage with walk in customers via it’s digital kiosks with over 50,000 products. The kiosk is installed with tablet which works as a medium between both parties in small towns and villages to buy products not available locally. When payment is done after placing order startup dispatches the package to the retailer in 24 hours to 48 hours.
“StoreKing has created a platform that solves the fundamental constraints in ours markets with last mile logistics and payments, while building trust amongst mass market consumers,” said Mohd Khairil Abdullah, CEO, Axiata Digital
Sridhar Gundaiah founded StoreKing in 2012. It boarded local retailers and set up kiosks, displaying it’s inventory to buyers visiting the stores. The company has installed about 16,000 kiosks over 1,200 towns in south india and claims to deliver about 150,000 orders per month. This week, Amazon India shook hands with startup to speed up Amazon’s reach in rural India.
In this sector of 92% unorganised market, dominated by local individual shopkeepers firms like StoreKing and IPay Tech are penetrating deep into the roots in rural India where as giants like as Flipkart and Amazon have little or no presence.