The UAE-based e-commerce-cum-direct marketing firm Phygicart.com plans to enter the Indian market with an initial investment of ₹100 crore, said a top official.
“Having tested the Indian market for seven months, we are starting our operations from Kochi on Sunday,” said Anish K. Joy, founder and COO, Phygicart e-Commerce.
Phygicart is a marketplace that both facilitates e-commerce transactions and enables direct marketing on a single platform. The company deals in more than 5,000 products, 20% of which it manufactures. The range comprises electronics, cosmetics, food, wellness and dress materials, among others.
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On expansion plans, he said jeweller Boby Chemmanur, who holds 70% stake, would invest ₹100 crore. The remaining stake is held by Joy Antony and Jolly Antony.
“The investment would be used to make our own products for which we are setting up an assembling unit in Ahmedabad... it would be ready in two years,” Mr. Joy said.