On its way to be the next fashion marketplace

Started in 2013, July as a curated marketplace for designer wear, regional ethnic brands and handcrafted products from all over India, one initial challenge that Indianroots.com faced was not the cost, but the mindset of consumers, who were willing to spend freely for a foreign handcraft but bargain for Indian handicrafts. Recalling the initial days, Indianroots.com CEO, Rahul Narvekar says, that the venture almost died as a start-up and how he had to take a voluntary pay cut to stabilise. Now, the venture receives over 30 per cent repeat customers every month, he says.      

 

Closely competing with Myntra 

“We are on track to be the leader in

this space in the next two years,” states Rahul Narvekar, CEO, Indianroots.com, after scaling the top lines by achieving 61 crores plus in the last financial year. He pins down the target for this year to grow to 600 crores plus. “We are only in fashion space and that is our exclusivity. When a customer goes on to Amazon, they get lost among the sheer number of product range,” he points out. 

The Indianroots.com platform enrolls the finest craftsmen and best designers of the country with over 60 designers and products from almost 500 brands focusing on Indian fashion, apparel and accessories, including designer wear etc. 

Talking about his focus this year, he says the strategy is to further extend Indianroots.com’s positioning to become the truly ‘Indian Fashion Retailer’. And the aim is to move away from being a ‘niche’ player to being a full fledged fashion marketplace with fusionwear, home, personal care and other categories coming in. We haven’t yet touched the tip yet, said Narvekar. “eCommerce is still miniscule as compared to offline retail, and currently, we are a very young industry which is scaling fast. So, there is a churn which is expected,” explained Narvekar.   

Basically, this is a once in a lifetime opportunity to build a billion dollar business within a few years. And the sheer scale of the opportunity is staggering, informed Narvekar. 

 

Moving on to the marketplace model

“One key differentiator as I see it is the positioning, the audience and the sheer scale we bring,” stated Narvekar. “We will be focusing on the India market, as also bring in a lot of iconic local brands onto the platform. In short, we intend to become ‘the organised marketplace for the unorganised fashion segment’,” he emphasised. 

“Every region has pretty strong regional and local brands who all have issues of scale. www.indianroots.com is the platform to help these brands leverage the power of eCommerce, without diluting their brand positioning,” said Narvekar.  

“We are a fashion marketplace hence all aspects of a product - the sensibility, the appeal, the form - are crucial. While we do have most of the big names, we are rapidly increasing the penetration of young talent,” said Narvekar.   

“Our Average Order Value (AOV)

is about Rs.17000, which is the highest in the business.  For instance, a brand like AM PM has sold 6.5 crores worth of products in 45 days on www.indianroots.com,” he said. 

Further, in order to strengthen its presence, Indianroots.com is planning a series of ‘experience centres’ across the globe for people to touch and feel the products. These will be interactive centres wherein customers can experience selective products, try them, give their measurements etc.

 

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