|
|
|
MIRA INFORM REPORT
|
Report No. : |
493453 |
|
Report Date : |
05.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
HANDS ON TRADES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
90/20, Malviya Nagar, South Delhi, Delhi – 110017 |
|
Mob. No.: |
91-8448398087 [Harshita Khanna] |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of Incorporation
: |
30.09.2015 |
|
|
|
|
Com. Reg. No.: |
05-285808 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 95.426 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909DL2015FTC285808 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
07AADCH7038R1ZZ 08AADCH7038R1ZX (Circle-I, Jaipur - Ward-3 (Jurisdictional Office) 24AADCH7038R1Z3 Ghatak 7 (Ahmedabad) (Jurisdictional Office) 27AADCH7038R1ZX Mumbai Nodal Division-13 (Jurisdictional Office) 29AADCH7038R1ZT LVO 060 A - Bengaluru (Jurisdictional Office) 06AADCH7038R1Z1 Gurgaon (East) Ward 4 (Jurisdictional Office) 09AADCH7038R1ZV Noida Sector-1, CTO (Jurisdictional Office) 19AADCH7038R1ZU Beadon Street (Jurisdictional Office) 33AADCH7038R1Z4 Nolambur (Jurisdictional Office) 36AADCH7038R1ZY Vidyanagar (Jurisdictional Office) |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCH7038R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is engaged in B2B business of trading of grocery, fruits and vegetables. [Registered Activity] |
|
|
|
|
No. of Employees
: |
133 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
Maximum Credit Limit : |
USD 1900000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Grofers Internaional Pte Limited,
Singapore” incorporated in the year 2015. The subject owns and operates online platform for consumer by the name
of “Grofers” Management has failed to file its financials for the year 2017 with
Registrar of Companies. As per the available financials of 2016, the company has achieved fair
revenue of 56.24 million from its first year of its business operation but
has incurred loss during the year. Rating takes into consideration, the satisfactory financial risk
profile marked by adequate net worth base and strong debt protection metrics. Rating continue to derive strength from its strong financial and
managerial support from its holding entity. However, these rating strength gets partially offset by its
non-availability of its financial records and short track record of its
business operations along with its presence in highly competitive online
markets. Payments seems to be slow but correct. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial
Reconstruction) LISTING STATUS
Subject’s name is
not listed as a Sick Unit in the publicly available BIFR (Board for Industrial
& Financial Reconstruction) list as of 05.03.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION PARTED BY
|
Name : |
Harshita Khanna |
|
Designation : |
Manager |
|
Contact No.: |
91-8448398087 |
|
Date : |
20.02.2018 |
LOCATIONS
|
Registered Office : |
90/20, Malviya Nagar, South Delhi, Delhi – 110017, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-8448398087 [Harshita Khanna] |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Area : |
18000 sq. ft. |
|
Location : |
Leased |
|
|
|
|
Head Office : |
Plot No. 64 H Sector 18, Gurugram – 122015, Haryana |
|
|
|
|
Corporate Office : |
Plot No. 81, Sector 32, Gurugram – 122001, Haryana, India |
|
Tel. No.: |
91-11-33552400 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Srikumar Rajkumar Nair |
|
Designation : |
Director |
|
Address : |
25, Nirman Apartments, Mayur Vihar I Extension, New Delhi
– 110091, India |
|
Date of Birth/Age : |
09.04.1984 |
|
Qualification : |
IITian - Bombay |
|
Date of Appointment : |
30.09.2015 |
|
PAN No.: |
AGVPN0382P |
|
DIN No.: |
07278285 |
|
|
|
|
Name : |
Mr. Vipul Gupta |
|
Designation : |
Director |
|
Address : |
C-35, First Floor Parshvnath Paradise, Mohan Nagar, Ghaziabad – 201007, Uttar Pradesh, India |
|
Date of Birth/Age : |
13.10.1983 |
|
Qualification : |
Post graduate - MBA |
|
Date of Appointment : |
30.09.2015 |
|
PAN No.: |
AUTPG8548G |
|
DIN No.: |
07278289 |
KEY EXECUTIVES
|
Name : |
Shubham Arora |
|
Designation : |
Company Secretary |
|
Date of Birth/Age : |
17.09.1986 |
|
PAN No.: |
AQZPA3587F |
|
|
|
|
Name : |
Harshita Khanna |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2016
|
Names of Shareholders |
|
No. of Shares |
|
Grofers International Pte. Limited, Singapore |
|
954256 |
|
Albinder Singh Dhindsa |
|
1 |
|
|
|
|
|
Total |
|
954257 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2016
|
Category |
Percentage |
|
Promoter - Bodies
corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in B2B business of trading of grocery, fruits and vegetables. [Registered Activity] |
||||
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Products : |
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||||
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Brand Names : |
Not Divulged |
||||
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|
||||
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Agencies Held : |
Not Divulged |
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||||
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Exports : |
Not Divulged |
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|
|
||||
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Imports : |
Not Divulged |
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|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash |
||||
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|
|
||||
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Purchasing : |
Cash |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
|
||||||||||||||||||||||
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||||||||||||||||||||||
|
No. of Employees : |
133 (Approximately) |
||||||||||||||||||||||
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|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Associates LLP Chartered Accountants |
|
Address : |
Golf View Corporate Tower B Sector 42, Sector Road, Gurugram, Haryana, India |
|
Tel. No.: |
91-124-4644000 |
|
Fax No.: |
91-124-4644050 |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
ACHFS9118A |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Grofers International Pte. Limited, Singapore |
|
|
|
|
Entity under same
control : |
Grofer India Private Limited |
CAPITAL STRUCTURE
AFTER 31.03.2016
Authorised Capital : INR 220.000 Million
Issued, Subscribed & Paid-up Capital : INR 186.507
Million
As on 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1200000 |
Equity Shares |
INR 100/- each |
INR 120.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
954257 |
Equity Shares |
INR 100/- each |
INR 95.426
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2016 [6 Months] |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
95.426 |
|
(b) Reserves &
Surplus |
|
|
582.627 |
|
(c) Money received
against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
|
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
|
678.053 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
0.000 |
|
(b) Deferred tax
liabilities (Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
0.291 |
|
Total Non-current
Liabilities (3) |
|
|
0.291 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
0.000 |
|
(b) Trade payables |
|
|
36.447 |
|
(c) Other current
liabilities |
|
|
0.969 |
|
(d) Short-term provisions |
|
|
0.001 |
|
Total Current Liabilities
(4) |
|
|
37.417 |
|
|
|
|
|
|
TOTAL |
|
|
715.761 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
0.930 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital
work-in-progress |
|
|
0.000 |
|
(iv) Intangible assets
under development |
|
|
0.502 |
|
(b) Non-current
Investments |
|
|
0.000 |
|
(c) Deferred tax assets
(net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
0.000 |
|
(e) Other Non-current
assets |
|
|
0.525 |
|
Total Non-Current Assets |
|
|
1.957 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
620.573 |
|
(b) Inventories |
|
|
26.870 |
|
(c) Trade receivables |
|
|
43.270 |
|
(d) Cash and cash
equivalents |
|
|
13.912 |
|
(e) Short-term loans and
advances |
|
|
9.172 |
|
(f) Other current assets |
|
|
0.007 |
|
Total Current Assets |
|
|
713.804 |
|
|
|
|
|
|
TOTAL |
|
|
715.761 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2016 [6 Months] |
|
|
SALES |
|
|
|
|
|
Income |
|
|
56.241 |
|
|
Other Income |
|
|
0.704 |
|
|
TOTAL |
|
|
56.945 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of
Stock-in-Trade |
|
|
81.579 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
|
(26.869) |
|
|
Marketing and
Distribution Expenses |
|
|
2.990 |
|
|
Employees benefits
expense |
|
|
21.742 |
|
|
Other expenses |
|
|
15.116 |
|
|
TOTAL |
|
|
94.558 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION
|
|
|
(37.613) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
|
0.054 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
|
(37.667) |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
|
0.030 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
|
(37.697) |
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
|
(37.697) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share
(INR) |
|
|
(0.40) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
|
|
31.03.2016 [6 Months] |
|
Current Maturities of Long term debt |
|
|
NA |
|
Cash generated from operations |
|
|
(80.486) |
|
Net cash flow from operating activity |
|
|
(80.498) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
|
31.03.2016 [6 Months] |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
|
|
280.82 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
|
|
1.30 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
|
|
163.07 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
|
|
(1.40) |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
|
|
(26.27) |
LEVERAGE RATIOS
|
PARTICULARS |
|
|
31.03.2016 [6 Months] |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
|
|
0.05 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
|
|
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
|
|
0.06 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
|
|
0.00 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
|
|
(696.54) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
|
|
31.03.2016 [6 Months] |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
|
|
(67.03) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
|
|
(5.27) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
|
|
(5.56) |
SOLVENCY RATIOS
|
PARTICULARS |
|
|
31.03.2016 [6 Months] |
|
Current Ratio (Current Assets / Current Liabilities) |
|
|
19.08 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
|
|
18.36 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
|
|
0.95 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
|
|
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
|
|
19.08 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
Yes |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners / Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last six months |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last six months |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
GENERAL INFORMATION
Subject was incorporated on 30 September 2015 as a private limited company under the Companies Act, 2013. The Company is a subsidiary of Grofers International Pte Limited, Singapore ("the holding company"). The Company is engaged in B2B business of trading of grocery, fruits and vegetables.
PERFORMANCE
Subject has reported total income of INR 56.945 Million for the current year. The Net Loss for the year amounted to (INR 37.697 Million) in the current year.
INDEX
OF CHARGES:
|
Charges Registered |
||||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G52285277 |
100120247 |
HDFC BANK LIMITED |
30/06/2017 |
- |
- |
10000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
2 |
G31116445 |
100071287 |
HDFC BANK LIMITED |
05/08/2016 |
- |
- |
9629000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
FIXED ASSETS
- Plant and equipment
- Furniture and fixtures
- Computer equipment
PRESS
RELEASE
GROFERS SETS UP SELLER STRUCTURE SIMILAR
TO FLIPKART’S TO COMPLY WITH FDI NORMS
Bengaluru: Grofers India Private. Limited has identified at least three large sellers who will sell products on its platform so as to comply with India’s foreign direct investment norms even as the grocery delivery start-up tries to move from a hyperlocal delivery model to an inventory-led one, two people aware of the development said on condition of anonymity.
Grofers, which is backed by SoftBank and Tiger Global Management, has identified Commoncity Retail Private. Limited, LA Super Retail Private. Limited and 90Minutes Retail Private. Limited as the sellers, the people mentioned above said on condition of anonymity.
The company has set up a wholesale entity called Hands On Trades Private. Limited, a unit of its parent, the Singapore-based Grofers International Pte Limited, to procure products from brands and manufacturers. Hands On Trades sells products to the sellers, which in turn sell them to consumers. This is similar to the model followed by large e-commerce firms such as Flipkart Limited and Amazon India.
Documents filed with the Registrar of Companies show Commoncity Retail was incorporated in Kanpur in June last year. LA Super Retail was incorporated in Delhi last May. 90Minutes Retail was incorporated in Haryana in April 2015. Hands On Trades, set up in September 2015, has Vipul Gupta and Srikumar Nair as directors. The company received Rs66.57 crore from Grofers International Pte Limited in January 2016, according to documents filed with the Registrar of Companies. Gupta is associate vice-president, operations, at Grofers.
Grofers co-founder and CEO Albinder Dhindsa declined comment. Gupta of Hands On Trades confirmed that he is employed by Grofers but declined to divulge more details.
Over the past six months, Grofers has been gradually moving away from the hyperlocal model, where it used to collect items from neighbourhood grocery stores and deliver them to consumers, charging the stores a certain percentage of the order value as delivery fee. As the cost of delivery far exceeded the commission earned per delivery, the company started shifting to the inventory model and launched high-margin private brands.
Grofers has started selling staples and snacks under its private brands Freshbury and Best Value. “The big push to inventory came about six months ago and since then we have been pushing the inventory model. Today, more than three-fourth of the orders are serviced through our own inventory and the rest through the hyperlocal model, which has certainly led to improvement in margins,” said one of the two people cited earlier.
Founded in December 2013, Grofers has so far raised $165 million from Tiger Global Management and SoftBank, among others. As cash burn skyrocketed because of the hyperlocal model, the firm halted operations in nine small cities in January last year, besides laying off about 150 employees and cancelling job offers to 67 graduates in June.
WE WERE NEVER IN DISCUSSIONS FOR MERGER
WITH BIGBASKET: GROFERS
Grofers CEO Alibinder Dhindsa says just one meeting with BigBasket about the online grocery business last year has been blown out of proportion
New Delhi: Online grocery firm Grofers India Private. Limited has denied holding merger talks with larger rival BigBasket, run by Supermarket Grocery Supplies Private. Limited, saying “just one meeting about business” last year between the two had been blown out of proportion.
Grofers founder and chief executive Alibinder Dhindsa said the company is focusing on growing its business as the online grocery segment is still at the nascent stage.
Softbank-backed Grofers and BigBasket had reportedly been in talks for a potential merger that would have created one of the largest online grocery players, competing with the likes of Amazon.com Inc.
“It was not (merger) talks, there was just one meeting about how the business is going and it just got blown out of proportion because of different reasons,” Dhindsa told PTI.
Emphasizing that they never had talks regarding the merger, he said: “Right now, business is going good for us, we are going at a pretty good pace. So, why would we want to do any of that?”
Grofers, which has so far raised $160 million, is looking to take its revenue to about Rs1,000 crore in 2017-18, betting big on investments and technology advancement in its warehouses and targeting new customers. In 2016-17, it had reported a revenue of Rs235 crore.
“In 2018, we will probably end up touching Rs1,000 crore topline revenue. That’s the target even if we grow at the current pace,” Dhindsa said, adding that two big areas of investment for the company are warehousing for supply chain and automation inside to process the order at a quicker pace.
He said the company would be investing about $5 million in warehousing expansion in 2018. The company claims to have about 30% market share of the $600 million online grocery market and is looking to further expand its footprint in the country.
“Online grocery market in India is still small at about $600 million. We have close to 30% market share in that, and the share has been growing as a result of the infrastructure that we are putting in place to reach more customers,” Dhindsa said.
He said: “We have tripled our revenue from February this year till now and maintained our topline in nine months while maintaining the same bottomline, not increasing our losses.”
The firm works with 1,400 brands and sells 10,000 products through its platforms serving about 4 lakh customers every month. With people becoming comfortable in buying even milk and bread online, the online grocery segment is projected to witness a strong growth over the next few years in India.
According to a report by Franchise India, the online grocery market is expected to be Rs2.7 billion market by 2018-19. Industry watchers believe that grocery would become bigger than electronics and fashion, categories that currently dominate online purchases.
Grocery delivery is a cash-intensive business as players operate on wafer-thin margins and often end up losing money on delivery. Some players like Snapdeal-backed PepperTap have already shut shop.
CMT REPORT (Corruption, Money Laundering & Terrorism]
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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INR |
|
US Dollar |
1 |
INR 65.23 |
|
|
1 |
INR 89.71 |
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Euro |
1 |
INR 79.50 |
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SCORE FACTORS
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DEMERIT POINTS |
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YES/NO |
YES |
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YES/NO |
NO |
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YES/NO |
NO |
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MERIT POINTS |
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NO |
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NO |
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A++ |
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A+ |
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Business dealings permissible with low
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A |
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B |
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Business dealings permissible on a regular
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Business dealings permissible preferably
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D |
High Risk |
Business dealing not recommended or on
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NB |
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business in infancy stage |
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NT |
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business is not traceable |
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