Bengaluru-based tech startup, ShopX, which partners with retailers and kirana store owners in smaller towns to provide its customers access to products via ecommerce, claims it has grown by 40 times in the past eight months.
Amit Sharma, CEO, ShopX, said, "The company expects to be profitable before 2017 ends."
He said, "Retailers don't trust companies like Amazon or Flipkart. We are not here to threaten them (retailers), but to work with them. One of our goals this year is to cross 75000 retailers and turn unit profitable."
ShopX pre-selects retailers by charging a non-refundable fee of Rs 1,000 per retailer to use the ShopX application.
Sharma added, "This ensures that the retailer is serious about it and it also guarantees that we make money with every retailer who comes on board," added Sharma. The company also has a strong relationship with brands where profit margins are higher.
According to Pramod Varma, Technology Advisor, ShopX, "the company has an edge as it operates in new markets and customer segments, unlike the overly competitive ecommerce market."