Hyderabad based cross-border e-commerce ecosystem enabler, Eunimart, has raised an undisclosed amount of funds from reputed international investors led by global logistics leader Agility. Shayak Mazumder, Chief Executive officer (CEO) of Eunimart said that this infusion was meant to finish building the product and finalise the processes for the company.
Shayak Mazumder (Lieutenant Commander, Indian Navy, and INSEAD MBA) and Saikat Roy (Alumni from University of Wales Trinity Saint David), started Eunimart back in 2016 with a vision to take Indian SMEs global. Over the last 2 years, they have added data and AI to their business model to ease the most often asked questions by the SMEs in India. Murali Bommineni, who has led technology developments at Motorola and HP, before running his own startup for the last 6 years, is now the CTO of Eunimart, says that most of the AI developments will finish this year.
As per an Alibaba and Paypal report, cross-border ecommerce is already valued at $500 BN globally and is poised to cross the $1 TN mark by 2021. Although this growth is majorly driven by China, USA and a few EU and Far East countries, India has seen a very strong growth at 80% CAGR for the last 2 years. This growth is fuelled by the massive amounts invested in the market by Amazon, eBay (now Flipkart) and Alibaba, who have combined invested $3 BN in the Indian market to promote cross-border B2b and B2C ecommerce.
Originally started in India by eBay, Amazon Global has been the main platform for Indian merchants looking to sell global. The share of Amazon Global has grown to more than 50% of the cross-border market from India. Having acquired Ebay, Flipkart is seeking to increase its share in this market and Alibaba, through a $1 BN investment has played its opening gambit as well. This market is heating up and through a series of easing of regulations by the RBI and the DGFT (Director General Foreign Trade) the volumes are now surging.
Eunimart has made it possible to enable Indian sellers to go global by tapping into the existing logistics, payments and other solutions providers through an AI driven platform. By breaking all the operational barriers that revolved around cross-border e-commerce, Eunimart has cleverly found a way to bring all the marketplaces on the same platform and provide a layer of service starting from market to product insights marketing.
While Eunimart is racing towards some ground breaking AI solutions, cricling around cross-border e-commerce, which could be the next wave in Globalisation. This could turn the world in to a Global village. Using Eunimart’s tech, a manufacturer could turn into his $10 item in the Puerto Rican market in turn generating a profit. The outcome of this leap in technology is yet to be awaited.