The industry which grew in India within a decade to reach an immense height is the e-commerce industry, undoubtedly. Early operators involved brands such as eBay, HomeShop18, Flipkart. etc., but over the next few years the market was able to grow immensely and today we have numerous firms and companies out there providing the same services. Seeing the success these big companies were able to achieve through entering this high potential field, many start-ups also emerged with a streak of new ideas and innovations which have the ability to contribute to the growth of this already ever-so-growing sector. One of these start-ups I’ve discussed about here is LatestOne.
LatestOne is an online retailing firm which deals in mobile and technology accessories. Additionally, it has even started dealing in computers, tablets and fashion accessories. Founded by Ameen Khwaja in Hyderabad back in 2014, LatestOne is basically a subsidiary of Palred Technologies Inc. It follows an inventory-based model and operates from two warehouses situated in Hyderabad and Delhi respectively.
All its deliveries are managed by its very own private company PTron which currently only delivers to some select locations of the country, which is a major limitation of the firm. In July 2015, the firm successfully claimed over 100,000 orders all of which were fulfilled by PTron. Under PTron, LatestOne even manufactures its own products. Though the manufacturing process is carried out in China, the goods are made readily available in India as well. LatestOne boasts of being the cheapest and the biggest retailer of mobile accessories in India.
The biggest issue the start-up faces is that people feel it isn’t reliable enough. This is mainly because they provide products at a very cheap price which makes the consumers more conscious about quality and the likes. In a recent interview with Reddy, he urged the consumers to buy their products as they are cheap and quality assured as well. According to him, his company is currently doing well in the market scenario and will perform much better in the next few years.
The company’s funding drive has been a good one too as it was able to raise $3.3 million this year itself despite being such a risky project. The investment drive was led by Florintree Advisors and controlled by Matthew Cyriac. Others who participated were Ashish Dhawan from Chrys Capital, K. Madhavan from Star India and Bharat Sheth from Great Eastern Shipping, Dhawan being a prominent investor of the firm since the last ten years. According to Reddy, the company plans to spend this investment on growth and expansion projects. Already having two fulfillment centers in Delhi and Hyderabad and a procurement office in China, the firm is all set to take its operations to Mumbai now. It even plans on setting up another fulfillment center in China or Hong Kong.
Reddy has always emphasized on one fact since day one – which is that his company always chases profitability and not market share. He feels the very motive of e-commerce firms in our country is distinguished as they tend to focus more on market share. Until they do not change their outlook towards the market, e-commerce cannot be fully developed in our nation. He even believes that the key to success lies in the talent a company hires but this doesn’t mean that the role of the founders or high level officials comes to an end. The founders need to ideate and the CEOs need to implement and only then, success can be achieved in its purest form!
IT is owned by Palred Online Technologies Pvt Ltd which is a subsidiary of Palred Technologies Ltd , a public limited company listed at BSE and NSE . They are the only public listed company in E- commerce business in India. It is vertical specific ecommerece site dealing in Tech Products and Accessories like Mobile Accessories , Tablet Accessories , Computer Accessories etc.