Coutloot, which is India's largest non-grocery retail aggregator for non-branded products, has joined the Open Network for Digital Commerce (ONDC), a government of India initiative to develop open e-commerce.
ONDC is a freely accessible and inclusive platform that aims to democratise e-commerce thereby expected to benefit small merchants with advanced technologies and better business mechanisms.
This assumes significance as it is estimated that currently there are about 12 million mom-and-pop stores in India of which only about 0.12 per cent is tech-enabled. Further, e-retail is estimated to be only four per cent of the total $800 billion retail market in India.
The latest development would make sellers on Coutloot available on the ONDC platform through which they will be able to reach a wider audience.
The partnership is also expected to mutually benefit the stakeholders of the project and strengthen the vision of ONDC of promoting open networks for all aspects of commerce over digital or electronic networks.
“In a bid to enhance our customer outreach, we are joining hands with ONDC. Consumers will find us on the ONDC platform from December this year onwards. We will be launching in two phases, first with the sellers and then with the buyers with product categories like fashion, home, beauty, and personal care. The idea is to dramatically step change eCommerce penetration in India,” said Jasmeet Thind, Cofounder, Coutloot.
According to Thind, Coutloot will be able to offer choices to sellers to be online, allow retailers and merchants to set their own terms and conditions, enable discoverability for buyers and sellers beyond large e-commerce platforms and provide opportunities for small e-commerce players to overcome supply chain barriers.
Founded by Thind and Mahima Kaul, Coutloot has connected millions of sellers and merchants with small and medium manufacturers by eradicating the agents from the system.
Incidentally, more than seven lakh street shops and small businesses have gained customers and increased their profit margins with the help of Coutloot.
The Mumbai-based start-up is one of the fastest-growing non-grocery retail aggregators in the country, enabling online commerce while also aggregating wholesale applications helping more than 5000 SKUs pick products from 240 SMEs spread across India.
The start-up has so far raised over $12 million in funding from investors including Ameba Capital, 9Unicorns, Venture Catalysts, SOSV, and Astarc Ventures.
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