Coutloot, an offline to online (O2O) social commerce platform, has hit a month GMV of $20 M. The company has raised $8 million in a pre-series round led by venture capital firm Ameba Capital to build India's largest online buying and selling platform akin to Alibaba Group's Taobao. Other investors--SOSV, 9Unicorns, Astarc Ventures also participated in the round, including existing investor Venture Catalysts. By Q2 2022, the venture is looking to add 3M sellers on the platform, and
Coutloot plans to use the funds for launching more services for retailers such as working capital solutions, video-stories commerce features, scaling it’s B2B supply chain, and stepping up hiring activities across verticals, including tech, marketing & leadership roles.
Founded by Jasmeet Thind and Mahima Kaul, Coutloot is a platform that allows buyers and sellers to bargain while shopping. It helps sellers list non-MRP (non-fixed-price), unbranded local market products across fashion, electronics, home decor, sports and other boxed categories that make up for 75% of India's retail sector at present and is the total addressable market for Coutloot.
With its differentiating feature of 'bargaining,' something Indian consumers love, Coutloots' app allows buyers to chat in their preferred language, which gets translated into the seller's preferred language on Coutloot's unique chat platform.
It recently launched an Auto Bargain feature to make online bargains easy for both sellers and buyers
It is touted as the Taobao of India and is addressing the consumption needs of the 500 million-plus tier 2,3 Indian population, by converging online and offline retail. Increase per store sales to 25k per month up form 15k as of today
Coutloot's best-performing sellers come from smaller towns like Nagaon in Assam, Basai near Gurugram, Korba in Chhattisgarh, Surat in Gujarat, and Ludhiana in Punjab. Its platform provides business opportunities to over 500,000 offline retailers, mom-and-pop stores, home sellers, and street hawkers. It has over 20 million listings on its app, which has been downloaded over 7.2 million times.
With a quarterly seller retention rate of 42 percent, Coutloot is the only SaaS O2O platform and marketplace with a seller-success rate of as high as 62 percent. Top sellers on Coutloot are making upto Rs 8 lakh a month while an average seller makes around Rs 14650/-
In 2003, the Alibaba-owned marketplace Taobao engaged consumers through a highly personalized free listing offer to sellers. Today it supports millions of entrepreneurs across China, with over 200 million daily active users.
Coutloot is trying to replicate Taobao's success in India by providing sellers, even in the remotest part of the country, with its supply-chain support, AI-based automatic cataloging, and payments solutions.
The company has grown 11 times during the pandemic and has been growing at a CAGR of 300% over the last three years. Coutloot is looking to clock a platform GMV of Rs 1000 crore in 2022 on the back rising demand coming from smaller towns.