Storeking, Indian eCommerce enabler platform based out of Bangalore has raised $16 million in a funding round from Malaysia’s Axiata Digital. The raises funding will be used to expand the team in various verticals, reach out to more tier III cities and to get over 100,000 retailers on the platform by end of 2017 as well as targeting 250,000 retailers by 2019.
Speaking on the investment, Khairil Abdullah, CEO Axiata Digital praised the efforts of storeking and said that the startup has done well to reach out to the last mile in order to enable payments and delivery. At the same time, using local retailers gets the customers into trust.
Axiata Digital is a telecom company based out of Malaysia and it is owned by Axiata Group Berhad. This is the first investment by Axiata in India.
StoreKing was launched by Sridhar Gundaiah in 2012 to enable digital commerce in the tier II and tier III cities of the country. It places its digital kiosks in the local shops which let the users order anything from the 50,000 odd products it sells. The payment is done in advance at the local retailer’s shop and StoreKing then ships the product to the retailer to be delivered to the user. Till now, Storeking has over 1200 cities covered.
Delivering over 150,000 orders per month, the startup boasts of over 16000 franchises and 650 master franchises. It started with 400 retailers in the first year and has grown its portfolio to 1600o mobile kiosks with the help of strong network of Kirana stores in South and Western India.
Speaking on the latest development, Sridhar, CEO Storeking stated his belief in the idea and said that the approach has been to enable technology for the local stores across the country. He further added that the main aim has always been to provide a better solution to the local retailers and with the help of Axiata, who has a great experience in geography based services, the startup will aim for bigger targets.