E-commerce firm Mydala is expecting a six-fold growth in transactions on its platform to about Rs 19,000 crore in three years as it plans to augment offering across categories and increase its presence in small towns.
"Everyone talks about Tier II and below, at Mydala we are truly focusing on that. We have successfully created a network that covers 209 cities and it is not just that we are present there, we receive ample traffic from these cities," Mydala CEO and co-founder Anisha Singh told PTI.
The six year old firm offers discounted deals across categories like health and fitness, restaurants, and travel among others. The company collects commission as soon as customer buys or books a deal and remaining value is paid by the consumer at the time of redemption of the offer when he visits the merchant to avail facility.
"Gross service value, which is the retail value on the online and offline transactions, our current estimate that we are doing about Rs 3,200 crores annually as calculated today. We expect to grow that six times in the next three years that is by financial year 2018," Singh said.
Mydala co-founder and CFO Arjun Basu said that at present the company gets 60 per cent of traffic and about 45 per cent revenue from outside Tier I cities.
Talking about the company's financials, Basu said: "Last year we did, in terms of net sales, about Rs 73 crores. In terms of post vendor pay off we did about 38 crores. These are our 2014 numbers. I can't disclose fiscal 2015 numbers but we have grown 100 per cent year-on-year."