LatestOne.com, a tech and mobile accessory retailer is planning to invest Rs 15 crore to double its customer base and improve operations.
Last year in December Latestone.com had raised a total funding of Rs 50 crore out of which Rs 20 crore was from Palred Technologies Limited (PTL). The company showed great potential after its launch in June 2014 by Reddy. Now with this investment, the company plans to open over 100 franchise-based kiosks in malls over the next few years, a senior executive said.
“We are looking to invest Rs 15 crore into strengthening our operations and looking to double our customers to 2 million by the end of the fiscal,” Palem Srikanth Reddy, Chairman of Palred Technologies said.
LatestOne.com has done 1 million successful deliveries with a customer base of 1.5 million.
“Going forward, we will also look at opening about 100 kiosks in malls across the country to help build our brand over the next few years,” Reddy said.
“Our total direct cost of operations including cost of goods, delivery and sales was Rs 11.10 crore, resulting in a contribution margin of Rs 18 lakh, making it possible for us to break-even on a direct cost basis,” he added.
The company is also focusing on bringing down the number of undelivered goods.
“We are taking several initiatives to reduce the number of undelivered goods from 35 per cent to 25 per cent this fiscal,” Reddy said.
The e-commerce company operates as an online retailer, which directly sells products on its website.Like this press release? Submit yours here.