Dukanline India, a retail aggregator, has announced the acquisition of Mystores, a chain of rural branded retail stores, adding offline physical presence to its network.
The company, which provides its retail aggregation services to more than 21,800 retailers in India, facilitates their business by connecting more than 950 brands directly through its technology platform. Apart from this, it also offers its retail services on Software as a Service (SaaS) to a chain of retailers in Indonesia.
Every second one customer purchases on the company platform and processes more than 1.23 million transactions.
Announcing the acquisition of Mystores chain, Krishna Lakamsani, Chairman, Dukanline, a serial entrepreneur and angel investor, and Bharath Bhushan, CEO, said that the plan is to rapidly expand the network of both online stores and offline stores. “We are like aggregators like Oyo in the hospitality sector and plan to expand presence by providing business to business services and connecting to bigger chains and thereby expand their business. Our model is based on registrations and service charges,” Bharath Bhushan said.
Pothini Srinivasa Rao, Founder of Mystores Chain and Chairman of VV Group, said, “In less than a year we have set up a chain of over 117 stores located in Telangana and Andhra Pradesh and logged in revenues of ₹ 70 crore. The plan is to expand the network to a chain of over 500 stores.
The merger of the companies will bring in synergies for next phase of growth.”
Dukanline, founded by Ipay Technologies, has a turnover of ₹ 315 crore. “We are looking at the next phase of growth as a retail aggregator and now as an owner of offline store chain. This may require some funding. We expect to raise some funds by next year,” Bhushan said.