X5 Retail, a Mumbai-based start-up that offers offline exhibition space in premium malls to emerging entrepreneurs, retailers and craftsmen, has initiated the process to raise between $9 million and $10 million (Rs 60 -Rs 66.7 crore) in its first external funding round, said Chief Executive Officer Pradeep Singh Shekhawat.
The start-up has started its first offline crafts exhibition in October 2013 at Infiniti Mall in Mumbai. Buoyed by the success in the offline space in 12 cities across the country, the company is replicating the model online with the launch of IndiaExhibitionCentre.com (IEC).
“We are in advanced talks with a couple of private equity investors in the US. We expect to close the funding round within the next three months. The proceeds will be used to strengthen IEC’s technology, mobile app development, and promotion and marketing activities over the next 18 months,” he told Business Standard.
In the past 27 months, X5 Retail has garnered a gross merchandise value (GMV) of a little over Rs 36 crore through its offline market platform. It expects to touch a GMV of Rs 65 crore during the 2016 calendar. IEC has so far been funded through X5 Retail’s sales accruals.
Shekhawat said the online exhibition platform was currently in the beta stage and undergoing social media integration, and was expected to go live by the end of this month.
Source: Business Standard
