Talk to us about Eunimart and the business model in crisp.
The venture was founded by Shayak Mazumder, Saikat Singha Roy and Archana Shah. We are a B2C Cross Border E-commerce ecosystem enabler, set up as a business entity incorporated in Singapore and headquartered in Hyderabad, India since 2016. We started by connecting Brands, sellers and SMEs in India to the world by broadening their reach through listing and placement on International marketplaces. We have integrations with Amazon, Ebay, Wish, Bonanza, Zifiti, Cdiscount, Linio, Souq, Wadi, Daraz, Zilingo, Lazada and 11 street to name a few. Eunimart has made it possible to enable Indian sellers to go global by tapping into the existing Logistics, Payments, Order and Inventory management as well as other solutions providers through an Artificial Intelligence (AI) and Machine Learning (ML) driven platform.
How to you help SMEs reach global audience?
By breaking down the Operational barriers that revolve around Cross Border E-commerce, Eunimart accelerates SME growth and launches them into the global marketplace. Through a thorough market research and experience, we cater to solve the 4 critical challenges faced by sellers in Cross-Border Ecommerce:
3. Intelligence / Data
4. Market access
What is your revenue model?
Revenue generation is currently happening through tested managed services, Logistics fees as well as channel partnerships. Revenue models still to be tested include fintech, martech, marketing and SaaS sales. Testing and validation of the AI platform will commence soon along with integration of AI+ML tool that will enable sellers across the globe as well as categories to conduct their Cross Border activities with intelligent tools in a self managed and seamless manner.
What is the current market share of cross border ecommerce in India and how Eunimart plans to tap the maximum out of it?
Across the globe Cross Border E-commerce is growing at 17% compared to domestic E-commerce and is projected to reach US$ 1 trillion by 2021. SMEs contribute to approximately 50% of domestic e-commerce but are able to get to only 5% when looking at exports. India, with 50 million registered SMEs stands to gain most by the momentum due to the large range of diverse categories that Indian artisans are able to churn out.
Talk to us about major road blocks in the segment
Through a deep study we were able to identify the roadblocks and issues that confronted merchants and sellers when they looked to expand their horizon globally. Widely speaking - lack of knowledge was the biggest challenge. This lack of knowledge spread - Where to sell, what to sell, what price to sell at, how to sell and other such significant aspects.
Put some light on the investment front (current and future plans of raising funds).
We have received a seed funding of US$ 500,000 from friends, INSEAD alumni and Agility Logistics. Currently, we are planning to raise a bridge round of US$ 2 million to fund the launch and marketing of the AI platform in India as well as Internationally and strengthen domestic as well as International country and channel partnerships. Post this we would be looking to reach across known and respectable funds for a Series A round of funding.
With eCommerce market being extreme tight in countries like China, how Eunimart can help SMEs gain foothold?
China’s economic performance is at the heart of this activity and is the first place to start when discussing any year’s key drivers. Eunimart , with established partnerships across Africa , China, South East Asia and Australia , is in the best position to counter any slowdowns happening in any specific countries or regions . We can switch modes and gears to ensure merchants, irrespective of their locations, have access to alternate channels to align with.
Even within China, we can draw out the best through our partnerships, by sourcing merchandise across categories and on boarding sellers that cater to the mass, semi luxury, luxury or branded markets as required.