The e-commerce enabler has achieved revenue of $5.5M with an EBITDA margin of 30%
New Delhi, October 12, 2020: Shopmatic, leading international e-commerce enabler reached the 5 year mark in the India market and has registered revenues of over S$5.5M in the first half of 2020 surpassing its targets in excess of 190%. Riding on an upward trajectory with its tech-enabled solutions for the countries’ SME and entrepreneur sectors, Shopmatic achieved a positive EBITDA of 30% – a year earlier than originally projected.
The Company has also witnessed an 80% growth over the previous quarter in transactions and GMV, a testament to the digital wave which has been accelerated due to the effects of COVID-19.
Shopmatic entered the India market 5 years ago in October 2015 with a simple goal to help millions of aspiring entrepreneurs who are looking to take their business online but faced confusion with what was available in the market – high capital expenses, complex solutions, too many claims from different ‘vendors’.
In 2016, the company registered 10,000 users and raised Series AA funding of $5.7M by August One and Seeds Capital among other investors. Over these 5 years, Shopmatic has also acquired other companies and entered into partnerships to further expand its value proposition to their customers.
In May 2020, when the initial faltering of the economy was felt due to the pandemic, Shopmatic expanded its offerings to create tailored solutions for India’s Kirana stores. This initiative enabled them to create an online presence with pre-developed catalogs for an even easier onboarding experience following the company’s philosophy of not needing its customers to have technical know-how or design experience. The platform also offered easy inventory management, secure and instant online payments, contactless delivery, and self-pickup options.
On the back of its customer-centric initiatives, cost-effective services and feature-intensive portfolio, Shopmatic crossed 5,00,000 merchants by June 2020 and ended the first quarter with 200% growth in transactions, revenue, and GMV.
Speaking on the development, Mr. Anurag Avula, CEO, Shopmatic, said, “As we complete 5 years in India, it is delightful to look back on the inspirational journey replete with important milestones that have revolutionized the growing SME sector. We are delighted to witness the success of thousands of aspiring entrepreneurs that use the Shopmatic platform with the desire to succeed in the digital realm. With a clear understanding of Indian SME & aspiring entrepreneurs, we will continue to innovate our offerings in a bid to equip our users with the advanced capabilities required to succeed in their digital journey. At this proud milestone in Shopmatic’s growth, I would like to acknowledge our critical constituents – our customers, partners & colleagues who have been a part of this wonderfully purpose driven journey.”
As an e-commerce solutions provider, Shopmatic brings several elements of the e-commerce landscape onto a single platform to help SMEs and individual entrepreneurs take their businesses online. From creating a customized online store, selling through social & chat commerce, selling on multiple marketplaces with integrated global payment options and shipping solutions, creating & promoting digital advertising Shopmatic makes it easy for anyone to sell online.
What started as a 3 member founding team, has now grown to a 120 member global team operating in India, Singapore, Malaysia, Hong Kong and many other markets. The Company continues to drive innovation in ecommerce and promises to announce more offerings on its platform in the near future.