Phygicart which is a UAE-based e-commerce-cum-direct marketing firm is about to debut in the Indian e-commerce space and has made an investment of Rs. 100 crore in the first phase of its initiation.
After the commencement of its venture in the Gulf countries, the Phygicart intends to elaborate its business across seven countries by the year 2022 and hence it has recently decided to enter the Indian space. The company also aims at entering the countries of US and Nepal, with a turnover of 1 billion USD.
In the 2016, Anish K. Joy and Jolly Antony came up with the idea of Phygicart. Till date, the company has been able to join hands with about 20,000 partner stores across all the seven Emirates.
Joy, the Chief operating officer of Phygicart, informed, "We are in various stages of discussions to takeover certain other brands. The model enables an individual to become a consumer and also a partner simultaneously, while we would be also sharing the profits with our partners. The initiative is also to provide an opportunity to small and medium enterprises (SMEs) who come up with innovative products."
Boby Chemmanur said, "The major drawback of e-commerce business is that it cannot establish a direct personal rapport with customers. We have rectified this." He also added that the company is aiming to distribute about 60 per cent of its total profits to the partner store owners who have joined by logging in to phygicart.com.