StoreKing a Bangalore based e-commerce platform has raised a funding of $16 Million from Axiata Digital a Malaysian telecom operator, a unit of Axiata Group Berhad. This is first investment in India for Axiata. The funds will be used to expand its team, to enter into the tier III markets and tie up with 1 lakh retailers by 2017 and up to 250k in 2019.
StoreKing was founded in 2012 by Sridhar Gundaiah. It helps the rural consumers to get in the flow of digital commerce. By setting up kiosks it partners with local retailers displaying StoreKing’s inventory to consumers visiting the stores. Earlier it raised a funding of $6 Million from Mangrove Capital Partners.
It leverages use of low cost and low complexity technology, kiosks is equipped with Android tablets and TV monitors providing a shopping experience to small time shoppers. Across 1200 towns in south India it claims to have around 16k kiosks. It allows the rural retailers to sell more than 50k products to customers via digital kiosks.
Currently StoreKing is delivering more than 150k orders a month. It targets retailers in tier 3 and tier 4 cities. It is also in partnership with mobile wallet companies to allow cashless payment at all its retail stores in rural India.
Sridhar Gundaiah CEO of StoreKing said
“From the beginning our goal was to help thousands of small businesses in Rural India to achieve a brighter future by enabling them to use technology. We hope to benefit from Axiata’s experience in extensive geography based services and we couldn’t thank them enough for investing in the idea of StoreKing.”
Across 8 states of Western and Southern India , it manage over 16k franchises & over 650 master franchises. Since the first year service is grown from 400 to 16k mobile kiosks.
StoreKing operates on an e-commerce model, it allows the customers to select the products and make cash payment to retailer. After the return receipt the product is shipped within 24-48 hours. Customers can collect the products from the retail stores.
Khairil Abdullah, CEO, Axiata Digital said
“StoreKing has created a platform that solves the fundamental constraints in ours markets with last mile logistics and payments, while building trust amongst mass market consumers.”