UAE-based e-commerce-cum-direct marketing firm Phygicart.com plans to enter the Indian market aided by an initial investment of Rs. 100 crore by jeweller Boby Chemmanur, according to a top company official.
“Having tested the Indian market for seven months, we are starting our operations from Kochi on Sunday,” said Anish K. Joy, founder and COO, Phygicart e-Commerce.
Phygicart is a marketplace that both facilitates e-commerce transactions and enables direct marketing on a single platform. The firm deals in more than 5,000 products, 20% of which it manufactures. The range includes electronics, cosmetics, food, wellness and dress materials.
On the firm’s expansion plans, he said jeweller Boby Chemmanur, who holds 70% stake, would invest the Rs. 100 crore. The remaining stake is held by Mr. Joy and Jolly Antony.
“The investment would be used to make our own products for which we are setting up an assembling unit in Ahmedabad,” said Mr. Joy. “It would be ready in two years,” he added.
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