When best of retail ingredients are put together, what emerges is as strong as Edabba. Founded in April 2011, the omni-retailer, has raised a funding of Rs 4.5 crore ($ 1 Million) from CCube Angles, a Singapore-based investor. The company will use the latest round of funding to expand its edabba trust points to over 1,000 in the next six months.
With this investment, CCube Angles will buy a majority stake in Edabba, a name which dimnishes the lines between brick n mortar retail and e-retail.
Founded by the veterans from retail industry, Manoj Kumar, Saurabh B Chadha and Dinesh Paul, the model serves to uplift the neighbourhood retailers, who have been said to have a tough times with organised retail and e-retail capturing the Indian diaspora. With Edabba, nearly 400 brands have been taken to consumers by engaging their trusted neighbourhood retailer, Edabba appropriately calls them ‘Trust Points’. “Neither brick nor click alone can service the aspiring customers of Bharat satisfactorily’, said Manoj Kumar, Co-Founder and CEO of Omnipresent Retail India Pvt Ltd.
Currently, Edabba has nearly 400 Trust Points across various cities beyond metros including Dehradun, Patna, Vizag, Jaipur, Goa, Ranchi, Ludhiana and Bikaner. To its accolade, within 22 months of operation, Edabba has already touched approx 5 million potential customers in smaller towns who can ‘shop online’ with ‘complete trust’ through human interface without use of credit card and technology knowledge.
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