India got its first E-commerce company listed on BSE exchange. Lesser known e-commerce company, Edynamics Solutions Limited started trading on BSE exchange from Jan 6, 2016. It is involved in online trading and retailing of variety of products such as groceries, fabrics, clothing, furnishings, electronics, computers and its accessories and offers flexible payment options such as ‘Cash on Delivery’.
The company has its registered office in New Delhi. Its web portal is www.edynamicssolutions.com went live in 2012 and achieved a turnover of Rs 25 million in the first year of operation.
As per the BSEIndia report, “E-commerce penetration in India has increased to 60% and has grown to 37.5 million unique visitors a month, representing an annual growth of 43 per cent. It presents a huge opportunity for companies. It also states that shoppers in metropolitan India are driving eCommerce primarily for buying travel, consumer electronics, and books online. It also shows that spending per online buyer is very low. Only 59 per cent of online consumers in metropolitan area buy online at least monthly. Consumers in non-metropolitan areas will also fuel growth as they are more likely to shop online for goods that are unavailable at local stores.”
Edynamics had been listed on BSE-SME platform since 2013. It was only in June 2015, Gujarat based online shopping portal, Infibeam filed for an IPO seeking to list on bigger exchanges like BSE and NSE. In October 2015, Infibeam received the Securities and Exchange Board of India (SEBI) approval to go ahead with the IPO.
A BSE source said, “Once the company completes 2 years at SME exchange and complies with certain norms, they have the discretion to move to main board. On the forefront it looks like Edynamics is the first E-commerce company to get listed on BSE”.
The source added that though Infibeam got approval for IPO, it is yet to get listed. In the IPO prospectus filed by Edynamics in 2013, the company mentioned, “We are currently engaged in the business of E-commerce operations and there is no listed peer comparable to our company”.
Shares of Edynamics Solutions opened at Rs 6.53 in its debut in BSE exchange. Anita Gupta and Vikas Saini are the promoters of the company.
