NumberMall is raising a Series A funding of $10 million next year for its expansion across all geographies within India.
NumberMall, an unique merchant-managed platform and a single gateway for all payments, announced the picking of a minority stake in the company by Sashi Reddi's SRI Capital. With this, Sashi Reddi, Founder and Managing Partner, SRI Capital, joins the board of directors of NumberMall Pvt Ltd. The amount of the investment and the terms of the deal were not disclosed.
Welcoming the investment, Kiran Gali, Founder and CEO of NumerMallPvt Ltd, said, "SashiReddi's knowledge and experience would add enormous value to NumberMall, as he joins the Company's board of directors. This also enables NumberMallto scale up exponentially and attract the high caliber talent required to build a valuable brand."
Kiran Gali disclosed that NumberMall is contemplating raising a Series A funding of $10 million next year for its expansion across all geographies within India.
On the investment of SRI Capital in NumberMall and on its way forward, Sashi Reddi said, "NumberMall is pioneering hyper local marketing enabling small merchants to cost-effectively reach customers in their immediate neighborhood. There is nothing else like it in India today."
NumberMall, which has a merchant network of over 13,000 in South India, is planning to increase its footprint and eventually proposes to set up pan-India operations very soon. The target is to support 100,000 merchants within the next 18 months.
Kiran Gali said that he was happy that NumberMall was valued at Rs 120 crore by MoneyOnMobile, but he felt it was too early to exit as the line of business has an enormous growth potential. Therefore, the company decided to raise funds for expansion across the country.
NumberMall was started in 2012 and posted a YoY growth of 300 per cent in terms of transactions and also merchant network by FY 2014. It clocked a gross merchandise value of Rs 117 crore compared to Rs 37 crore in the year-ago period. The company expects to touch a GMV of Rs 200 crore in FY15.
Explaining how the business runs and how it is different from others, Kiran Gali said: "NumberMall is a revenue-generation platform for merchants. Using the NumberMall platform, merchants earn additional revenue by providing services like bill payment and phone recharge to their customers. In addition, NumberMall provides a unique way for merchants to make targeted Hyper Local Offers to customers in their immediate area instead of wasting money on newspaper ads or distributing flyers."
Explaining how customers benefit in the process, Kiran Gali said: "If Rs 100 is spent by a customer on a mobile recharge for instance, he may get a deal/offer worth almost the same value from a local merchant, close to the customer's location."
Payment of utility bills, recharges of mobile phones, data cards, DTH services, etc keep users connected with NumberMall on a daily basis. Negotiations with service providers are at an advanced stage for bringing utility bill payments and insurance premium payments on to NumberMall's bouquet of offerings.
NumberMall obviously, by virtue of its business model, helps retail merchants to increase their core business by enhancing customer footfalls by way of offering their deals. "We help merchants increase customer footfall through offers and deals," he adds.
NumberMall is a merchant-managed platform that aggregates all services in one wallet enabling them to be part of profitable services in the realms of telecom, travel, entertainment, insurance, financial services, and utility without any overheads and upfront payments.