Digital media firm Lycos and Apollo International Ltd, a part of the Apollo Group, are forming a joint venture to offer end-to-end solutions for global brands to deploy custom E-commerce platforms targeting Indian consumers.
They have signed an agreement in this regard and decided to name the joint venture Apollo Lycos Netcommerce, Lycos announced on Wednesday.
While being silent on the financials, a release from the company said Lycos brings to the partnership its “global expertise in digital media, technology and marketing in setting up online presence for large brands globally.
Apollo contributes its expertise in logistics, inventory management and reverse logistics.” Lycos was acquired in 2010 for $36 million by Hyderabad-based digital marketing solutions firm Ybrant Digital, which subsequently also changed its name to Lycos.
The joint venture will design, develop and fulfil E-commerce for brands online. It will enable and ensure a full-cycle fulfilment from setting up, online brand promotion, digital marketing of their products and services, fulfilling orders, ensuring data security and consumer privacy, inventory tracking and management, order delivery and reverse logistics, the release said.
“We are aiming at providing an innovative service for big brands to enter India seamlessly,” said Suresh Reddy, Chairman and CEO of Lycos.
“The plan is to bring a unique digital shopping experience to Indian consumers, where they can interact directly with global brands they love,” said Raaja Kanwar, vice chairman and managing director of Apollo International Ltd.
India, the release said, is expected to see a trend similar to that witnessed worldover since 2011 with regard to a significant increase in the online purchases. “Despite a phenomenal growth in the recent past, India is still not ranked in the global top ten in this business, while the business is expected to grow six times in the next five years to over $50 billion. Over 90 per cent of Indian retail business is offline and there is an increasing momentum for this to go online.”
