Coutloot Eyeing To Include 3M Sellers On Its Platform By Q2 2022

Coutloot, an offline to online (O2O) social commerce platform, has registered a Gross Merchandise Value (GMV) of $20 million. The company has raised $8 million in a pre-series round headed by Ameba Capital, a capital firm to build India’s largest online buying and selling platform similar to Alibaba Group’s Taobao. Other investors contributed the funding, including SOSV, 9Unicorns, Astarc Ventures, apart from the existing investor Venture Catalysts. Encouraged by market trust, the company expects to add 3M sellers on the platform until Q2 of 2022.

The company is expected to launch more services for retailers like working capital solutions, video-stories commerce features, scaling its B2B supply chain, and stepping up hiring activities across verticals, such as tech, marketing & leadership roles.

Information About Coutloot:

Coutloot was founded by Jasmeet Thind and Mahima Kaul as a platform to allow buyers and sellers to bargain while shopping. The platform will enable sellers to list their non-MRP (non-fixed-price), unbranded local market products from fashion, electronics, home decor, sports, and other boxed categories, which constitutes about 75% of India’s retail sector at present.

Coutloot tapped one of the most weaknesses of bargaining for Indian shoppers as it allows the users to interact in their preferred language. Customers can express their concerns in their language which can be easily translated into the seller's language on the unique platform of Coutloot. Coutloot has recently added a new feature, “Auto Bargain,” to make online bargains easier for sellers and buyers.

Coutloot is addressed as the Taobao of India and caters to the bargaining needs of over 500 million-plus tier 2, 3 population by ensuring convergence of online and offline retail. Moreover, it is reported that by using the platform, stores have increased their sales from 15k to 25k every month.

Coutloot’s best-performing sellers come from smaller towns like Nagaon in Assam, Basai near Gurugram, Korba in Chhattisgarh, Surat in Gujarat, and Ludhiana in Punjab. Its platform creates profitable business opportunities for over 500,000 offline retailers, mom-and-pop stores, home sellers, and street hawkers. With over 20 million listings on its app, Coutloot has already been downloaded over 7.2 million times.

Coutloot is the only SaaS O2O platform and marketplace that has registered a quarterly seller retention rate of 42 percent and a success rate of as high as 62 percent. Top sellers on Coutloot are making upto Rs. 8 lakh per month, while the average seller income is Rs. 14650/.

The company is doing its best to replicate Taobao's success in India by offering an interactive and reliable platform for sellers, even in the remotest part of the country, with its supply-chain support, AI-based automatic cataloging, and payments solutions.

Looking at the performance in the pandemic period, Coutloot has grown 11 times and has been growing at a CAGR of 300% over the last three years. Coutloot is also hoping to clock a platform GMV of Rs 1000 crore in 2022.