Rahul Narvekar, CEO, IndiaRoots, shares his views on E-commerce trends.
IndianRoots had achieved Rs 1.58 cr till October 2013 (within 4 months of its launch). Where is this figure now?
Rs 15 crore.
There was a time when you compared IndianRoots with Flipkart. Do you still hold the ground?
We are a curated niche market place with a ASP of Rs 10,000. So, we are at the premium end. No comparison with flipkart
Do you still have 2/3 revenue coming from outside India?
Why you have not introduced cash-on-delivery system till now?
We are now introducing cash of delivery and pre paid cash for Made-to-order high value designer garments.
Any plans to raise funds?
We have raised 2 rounds of funding and we have just closed a Series B with Astro Malaysia.
You are quite an expert of retail industry? Where do you see 'brick n mortar' form of retail in coming days?
Brick and Mortar will continue to dominate organised retail and e-commerce will co-exist with brick and mortar retail. India is a huge country and offline retail cannot reach everywhere. With the current consumption boom, I expect that offline and online will both continue to grow. For online, the biggest growth will come from mobile.
Where exactly do you see e-commerce down the line after two years?
The mainline will be dominated by a few players such as Amazon, Flipkart, Snapdeal and other niche players. But the growth will continue for everyone for the next 2 years.
Do you see any distinct pattern appearing in this sector?
Niche players will proliferate with few clear leaders across categories. The big 3 (Amazon, Flipkart, Snapdeal) will continue to fight for market dominance and small new categories will certainly emerge in the space.
What happened to 'Fashion and You' Venture?
It is still on and has raised another round of funding. It continues to be the leader in the flash sales category.
Your both ventures having a pattern that is tough to die down. Are you sort of anticipating extremely niche marketing in e-commerce?