StyleAdda.com To Launch In March, 2012
StyleAdda.com will be up in March this year, over US $57 million from various investors will ride on the project. Company expects to clock daily sales of little less than US $1 million.
Online, January 10, 2012 (Newswire.com) - StyleAdda.com, India's largest upcoming online shopping mall will launch in March this year. StyleAdda.com which attracted investments of over Rs 300 crore from various private investors is facing delays as some suppliers failed to provide product deliveries on time, also some of the private equity investors have taken time to finalize their investment plans in the company.
StyleAdda.com has also reported that the online mall scheduled to be launched in March will be smaller in size and will get bigger as the sales grow. This change in strategy hints towards cautious approach being adopted by the company amid cut throat competition.
StyleAdda.com which was on hiring spree in December has hired 200 temporary IT professionals to design and maintain the Mecca of online shopping in India. "We will outsource the entire online store maintenance work to an established IT company so that we can remain focused on managing suppliers and boosting sales," said Tarun Gupta, CEO of StyleAdda.com.
On the condition of anonymity a person familiar with the developments reported that private equity investors who participated in the development of the online store will exit within next two years. Private equity investors may own nearly 19% of StyleAdda.com and have committed investment of over Rs 300 crore. Private equity investors have valued the entire project at a little over Rs 1500 crore but the real valuation will be calculated once the online store is thrown open to the public.
StyleAdda.com will also launch a mobile app for its users; the mobile app will allow its users to make purchases through their mobile phone, across varying categories with a few clicks. It claims that the order placement is a mere three steps away. StyleAdda.com hopes to become quite popular in India. StyleAdda.com is predicted to grow 20-fold in the financial year.
StyleAdda.com will adopt cash on delivery mechanism for Indian consumers and is expecting to clock daily sales of Rs 3 crore.
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Tags: e-commerce india, styleadda.com, styledda india
