UAE-based ecommerce and direct marketing company, Phygicart has raised $14.5 Mn, as part of its first phase to enter the Indian ecommerce space. The investment has been made by Boby Chemmanur, Chairman and Managing Director of Boby Chemmanur International group.
Joy, the chief operating officer at Phygicart, said, “The investment would be used to make our own products for which we are planning to set up an assembling unit in Ahmedabad, build our brand and enter into tie-ups with other brands. We are also in various stages of discussions to take over certain other brands.”
With the investment, Phygicart aims to provide an opportunity to small and medium enterprises (SMEs) who come up with innovative products. Also, through this model, the company will be making partners as well as consumers.
The company aims to expand operational footprint across seven countries by 2022, including other countries like the US and Nepal. Further, it aims to achieve a turnover of $1 Bn as well.
“The major drawback of ecommerce business is that it cannot establish a direct personal rapport with customers. We have rectified this adding that Phygicart.com will distribute about 60% of its total profits to partner store owners who join by logging in to phygicart.com,” Boby Chemmanur said.
Founded in 2016, Phygicart has over 5000 products belonging to sectors like electronics, cosmetics, food, wellness and dress materials. It connects both ecommerce and direct marketing on a single platform.