The company plans to launch 35 stores starting April this year, especially in areas which attract peak footfalls.
The converted stores will have better assortment, optimised shelf and better quality merchandise.
“Customers seek lower price but standardised products even in the unorganised market. We aim to have a similar model what Chinese low cost retailer Miniso is in its home market, which are present across the country,” said Jasmeet Thind, cofounder of CoutLoot.
“Indians wants convenience which we are offering but we are not tweaking the price points as that is the main sales driver.”
Since last year, Coutloot added more than eight lakh new sellers in 2022, helping offline retailers earn higher margins and sales due to increased orders, the company said. And 80% of them are actual offline shops from India’s small bazaars and they acquire them through seller referral, digital marketing and offline activations, it said.
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Founded by Thind and Mahima Kaul, CoutLoot has more than 16 million users and over 32 lakh sellers and stores in its network with an annual gross merchandise value of $100 million.In India, branded retail segment is still 10-15% of the overall market, while the rest is highly unorganised, a space which Coutloot wants to tap into.
Thind said these small traders have great business acumen in terms of actually selling or retailing but lack in supply chain efficiencies.
The company said lakhs of street shops and small businesses have gained customers and multiplied their profit margins with the help of CoutLoot.
“These non-grocery businesses are highly seasonal with large part of demand during weddings or festive season which lasts for 4-5 months. The rest of the period, they still have to bear fixed cost even as sales taper off. Hence, our job is to generate demand and sales for them even during lean period through connecting them with online buyers,” added Thind.
The company has so far received funding of $17 million from investors including Ameba Capital, 9Unicorns, NB Ventures and Artha India Ventures among others.
The company claimed that its seller retention on the platform has scaled three times further due to demand and supply chain control and without any field sales force.
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