Exclusive: Eunimart raises bridge funding for cross-border e-commerce play
Eunimart Multichannel Pvt. Ltd, which operates an artificial intelligence-powered cross-border e-commerce platform, has raised bridge funding from the UAE-based digital services company TMT Connekt.
Shayak Mazumder, co-founder and CEO at Eunimart, told TechCircle the Hyderabad-based startup will use the funding to roll out new products on the platform. He didn't disclose the amount raised.
Mazumder also said TMT Connekt intends to leverage its investment to connect small and medium enterprises (SME) and merchants in India with its clients in the Middle East.
Eunimart was founded in 2016 and raised an undisclosed sum last year in a pre-Series A round from Kuwait-based logistics company Agility.
“Our intelligence product, which is still in beta, tells sellers about demand for a particular product, which markets to sell to, how to optimise on inventory requirement, new products to sell, among other aspects,” said Mazumder.
He said Eunimart is also developing cataloguing intelligence for specific marketplaces. Besides, it will roll out customer relationship management and point-of-sale services in coming months, he said.
Mazumder also said that the provisions of the recently released draft national e-commerce policy would not in any way impact the platform's business.
Mazumder, a former Indian Navy officer, founded Eunimart with Saikat Singha Roy. The company works with SMEs and merchants by providing end-to-end services for selling globally on marketplaces including Amazon, Daraz in Bangladesh, Myanmar and Sri Lanka, peer-to-peer online marketplace Etsy and Alibaba-backed Southeast Asian marketplace Lazada,among others.
The company claims to support 3,000 Indian merchants, enabling them to sell across 25 marketplaces in 60 countries across Australia, Latin America, Southeast Asia and the Middle East.
“Bilateral trade between the UAE and India is close to $53 billion. This offers an opportunity to serve the expatriates staying here [in the UAE] who have big appetite for Indian products,” said Shyamsundar Ramlal, director at TMT Connekt, which also has a presence in India and offers e-commerce services.
TMT Connekt targets the Middle East, South Asia and North Africa regions. It works with telecom partners for monetisation, marketing, digital products and services, billing, connectivity, mobile games and applications, among other services.