IndiaMART has planned to invest a sum of Rs 100 Cr in its online store for industrial and office goods supplies named "Tolexo"
Online marketplace IndiaMART has planned to invest a sum of Rs 100 Cr in its online store for industrial and office goods supplies named “Tolexo”.
Speaking on the same, Dinesh Agarwal, Founder & CEO, IndiaMART said, "In Tolexo, we have already put in USD 10 million (about Rs 65 crore) and in this financial year, we are committed to putting another Rs 100 crore."
Tolexo was created to support the sale and purchase of companies listed on IndiaMART with special focus on business goods and accessories.
"We have also spent money on making good leadership team to give a strong push to Tolexo business. Now, we have Prateek Chandra as CFO who was earlier with Fever FM. Harsh Kundra, who worked with Jabong, has also joined us as Chief Technology Officer. These are some of the leading names with us now", Agarwal added.
Out of the Rs 100 crore investment, Tolexo will invest around Rs 25 crore in making digital catalogue of products sold by SMEs, especially those who have less exposure to brand building exercises. Another Rs 25 crore has been earmarked for salaries and rest Rs 50 crore will be invested in branding, he said.
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