The company built on the lines of Taobao said an average seller earns Rs 16,000 on the platform every month compared to Rs 2,300 at the start of the pandemic in 2020. During the lockdown, many of the traditional market sellers were unable to keep up with the circumstances but Coutloot was able to on board more than 3 lakh sellers during the start of the lockdown.
“We aim to expand and evolve the platform for the betterment of the sellers as well as buyers. The team has been customizing the app for our users who are not tech-savvy. We are overcoming such challenges with new updates in the app that have experienced a great response. We currently have over 10 million app downloads and are in the top 20 shopping apps in the country by playstore ranking,” Jasmeet Thind, co-founder of Coutloot said. “The new chat translation and auto-bargain features have helped the local sellers scale up the sales. We made something that even a kid can use’”
Coutloot, which raised around $8 million from Ameba Capital, 9Unicorns, and Astarc Ventures, has more than 6.5 lakh sellers on its platform and expects to reach 3 million by the end of 2022
Founded by Thind and Mahima Kaul, Coutloot is a platform that allows buyers and sellers to bargain while shopping. It helps sellers list non-MRP (non-fixed-price), unbranded local market products across fashion, electronics, home decor, sports and other boxed categories that account for three-fourths of India’s retail market.
By 2022, the platform is expecting GMV of Rs 1000 crore on the back rising demand coming from smaller towns. The products sold on Coutloot are indigenous and don’t even bear an MRP tag.
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“I used to sell only offline earlier and some small online platforms, but ever since I have on-boarded my store on Coutloot, my income has grown multifolds. I am getting queries from all across the country and have to increase manpower to cater to the rise in demand for my products,” Afzal Zubair, owner of Dua Craft from Saharanpur in Uttar Pradesh said.
CoutLoot has also recently launched a B2B side of the business connecting its sellers to factories for sourcing the products at cheap prices. It is also experimenting with a video story feature which will be rolled out soon where sellers can talk about their stores.
