Mumbai: CoutLoot, India’s first and largest online non-grocery retail aggregator, has expanded offline. The retail tech player has opened its first store in Mumbai. The company plans to open 50 stores by the end of this year in UP, Maharashtra, Gujarat and Delhi, where it will transform and standardize the existing small retail shops selling unbranded merchandise which are already part of CoutLoot’s platform.
With each store measuring between 200-1000 sq ft, CoutLoot aims to replicate the success of Oyo in the hospitality industry by providing these small retailers with the infrastructure and technology required to scale their businesses.
On the launch of its first store in Malad, Mumbai, Jasmeet Thind, Cofounder of CoutLoot, said, “This move is aimed at making at creating a large scale impact both offline and online helping partner seller stores source better, sell faster, and market wider, ultimately growing into bigger scale businesses at the same time serving India’s mass consumer segment. With access to CoutLoot’s tech and data, these stores are expected to increase their sales by 2X in the first year itself due to better way of sourcing and wider channels of selling.”
The existing small retailers currently generate between 70k to 5 lakh per month in sales. By partnering with CoutLoot, they will have access to a wider customer base, increased sales, and improved efficiencies in their operations.
CoutLoot’s decision to transform existing stores into branded outlets is part of its larger vision to provide end-to-end services to its partner network of stores, creating a vertical technology company in the non-grocery retail space. The company aims to provide services at each layer of the business through technology, ultimately creating a more seamless and connected ecosystem for retailers and customers alike.
With the launch of CoutLoot’s branded stores, customers can expect a more streamlined shopping experience, while small retailers can leverage the company’s technology and expertise to grow their businesses.
On partnering with Om Stores in Malad, its owner Rakesh said, “This partnership is a very innovative and distinctive approach to doing retail business. The positive impact of this collaboration is undeniable, and I sincerely hope that CoutLoot continues to expand its reach and attract more businesses like mine. I expect a 3x jump in footfall and sales from this transformed store in the coming months.”
CoutLoot plans to monetize this expansion by providing marketing services, making margins by helping sellers create and launch their own mini brands, and fees on the use of tech solutions and data intelligence.
About Coutloot
Coutloot is India’s first and largest non-grocery retail aggregator, founded in 2016 by engineers Jasmeet Thind and Mahima Kaul. Initially, it started as a platform that enabled users to buy and sell pre-owned clothes, accessories, and shoe brands. However, in 2019, Coutloot pivoted to an Ecommerce platform aimed to standardize the small fragmented retailers nationwide with its tech stack. Today, it has around 200 employees and has raised a total of $30 mn in funding. Its latest funding was raised on Aug 19, 2021, from a Series A round, with investors including SOSV, MOX, Astarc Ventures, and Venture Catalysts. Coutloot’s mission is to empower small retailers and provide a seamless shopping experience to customers through its innovative technology.
