iPay Dukanline acquires Mystore for Rs 40 crore
With this acquisition, Mystore’s network of retailers can now have access to Dukanline’s technology helping them manage all their operations, inventory, and financials. Mystore plans to have about 2,000 stores by 2022 focusing on the Telugu speaking States.Hyderabad: Hyderabad-based retail aggregator, iPay Dukanline, has acquired Mystore chain of retail stores in a Rs 40-crore deal. Dukanline in the last five years has built a network of over 21,800 retailers across south India and connects over 950 brands directly to retailers through technology.
With this acquisition, Mystore’s network of retailers can now have access to Dukanline’s technology helping them manage all their operations, inventory, and financials. Mystore plans to have about 2,000 stores by 2022 focusing on the Telugu speaking States.
Krishna Lakamsani, chairman, Dukanline, told Telangana Today, ““Retailers can enjoy the benefits of direct access to brands, better prices, better service and access to credit. All this helps them to improve cash flows and improve their profitability. iPay Dukanline technology is not only helping retailers in India but also in Indonesia where it has network of 28,200 retailers.”
iPay Dukanline is helping small retailers to become more profitable through technology and industry best practices which are typically not available to them. With the help of its platform, retailers in local neighbourhoods are able to offer digital commerce services such as micro ATM, bill payments, mobile recharge, money transfer, book bus train and flight tickets etc. The retailers can also expand their shop and business without owning the stock. They will have access to all brands and when consumer requests any product, retailer orders directly from brand so the product can be delivered to retailer to hand over to consumer. They can also replenish stock instead of dealing with many distributors. The company’s Reserve Bank approved NBFC Finvesco can also extend credit.
ipay Dukanline has an annual turnover of Rs 315 crores with about 2.31 million transactions every month. The company aims to double its turnover in the next fiscal. And may raise about $2 million in the next six months. In next 2-3 years, the company wants to expand to Tamil Nadu and Kerala and have a 80,000 retailer base. iPay is planning to foray into overseas markets particularly in the African region, with Egypt to start with, informed, Bharath Bhushan, CEO, Dukanline.
Mystore, which has been in business for the last one year has set up about 120 stores (102 franchise stores and 18 owned outlets) so far both in Telangana and Andhra Pradesh. Founded by P Srinivasa Rao, Mystore is focused on creating super markets in rural areas as big box retailers are focusing on urban India.