Eunimart, a cross-border e-commerce enabler based in India, has secured an undisclosed sum in seed funding from a group of undisclosed investors in the US, Germany, Italy and Singapore, its Co-founder and CMO Saikat Roy told e27.
The Hyderabad-based company will use the capital mainly to build an optimised and automated version of the platform, and carry out deeper research into the global sales data and predictive analysis based on Machine Learning algorithms.
“A portion of the investment will go into creating a pool of consultants who will provide support to the key accounts, and open an operational hub in Delhi to consolidate the orders, reduce cost, increase customer service and reduce time taken to deliver,” Roy added.
Founded in 2016 by Roy and childhood friend Shayak Mazumder, Eunimart is a one-stop platform for e-commerce sellers to sell globally and create a global brand. Sellers can list their products on 12 online marketplaces across 60-plus countries, manage inventory and orders centrally, handle logistics, track customs clearance, and receive payments in Indian currency.
“Many sellers in India wanted to go global but have no idea how to do it,” said Co-founder and CEO Mazumder, who worked in navy before setting up Eunimart.
“The regulations surrounding payments and logistics are so confounding that no one even tried to solve them. When a country has two different conflicting laws regarding exports, prevents consolidation and has processes which are best suited for B2B exports in the last century, most SMBs in India have no way to explore the US$370 billion cross-border e-commerce market globally without incurring significant losses. Add to it the complicated guidelines from the RBI to prevent money laundering which makes it impossible to repatriate proceeds from sales abroad in a sustainable manner. We are here to reduce this bottleneck,” he added.
According to CMO Roy, cross-border e-commerce is a market dominated by Chinese and American sellers and brands, with British, German and Australian sellers fast catching up. Indian sellers don’t even account for 0.7 per cent of this huge market that is supposed to grow to US$1 trillion by 2020, according to Paypal and Alibaba.
“Today we have achieved what everyone said was improbable a year ago,” added Roy. “We at Eunimart have built a massive Big Data and natural language processing (NLP)-driven platform to provide deep insights into cross-border trade. Thanks to Eunimart and its services, Indian sellers finally have a chance of competing on the largest e-commerce platforms across the world without having to worry about information, strategies and operational hassles.”
Eunimart has partnered with companies such as Bonanza (third largest e-commerce platform in the US), Wish (largest pure cross-border e-commerce marketplace in the world), Linio (largest e-commerce marketplace in Latin America) and Jumia (largest e-commerce marketplace in Africa) to help Indian sellers sell globally .
In India, Eunimart has more than 400 of the top sellers signed up, of which 200 are live and orders are growing at 100 per cent month on month. The startup charges a small set-up fee and a nominal commission per order from sellers.
The startup is now planning to expand into Singapore and the UK in 2018 to target the large cap Southeast Asian and European sellers who are already selling hundreds of orders a day on top channels.
Image Credit: Eunimart
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