99RetailStreet ‘Unorganised Retail’ platform now in Sri Lanka
View(s):99RetailStreet, a Cloud-based Common Commerce Platform provides services to “Kades”, individual pharmacies and other small retailers.
The 99RetailStreet solution helps the “Unorganised Retail” to compete on an equal footing with “Modern Trade” (supermarkets) through sales growth, access to and improved financial capabilities and increased business efficiencies across the value chain.
The company said in a media release that by this month (August), over 300 stores in Sri Lanka will be on the 99RetailStreet platform and this number is expected to increase significantly in coming months. The size of the addressable local market is approximately US$ 23 billion, spanning more than 100,000 outlets. There are also plans to enter other markets in South East Asia, Australia, Africa and Latin America in future.
This unprecedented growth trajectory has been buoyed by a recent investment round that raised US$1 million. The round was led by Sri Lanka- and Singapore-based venture capital firm BOVCapital.
99RetailStreet was founded jointly by Alok Jayant, Joydeep Dutt and Sandeep Mahapatra. A former Retail Lead for SAP in India, Bangladesh and Sri Lanka, Mr. Jayant spent more than a decade at SAP. He is widely recognised as a retail expert having closed multi-million dollar deals while at SAP. With almost two decades in FMCG, Retail and Commodities, Mr. Dutt previously led the Sales Strategy Management Consulting Practice at Ernst and Young. A Director of SAP Consulting Services in his previous role, where he was responsible for the South Indian and Sri Lankan markets, Mr. Mahapatra had built the SAP Sri Lanka business from the ground up, into a multi-million dollar entity.
“99RetailStreet has a large growing customer base of unorganised retailers and an Eco-system comprising of Market Leaders across FMCG, Pharma, Telco, Banking and Financial Services Industry. We have built the capability to address the requirements of the Sri Lankan market. The neutrality of the 99RetailStreet platform and the constant value added to our customers and the eco-system, along with our constant innovation and ability to adapt, has resulted in success in a short period,” noted 99RetailStreet’s founders.