DealShare plans to invest Rs 500 cr in 2-3 years in private brands business
E-commerce firm DealShare on Wednesday said it has launched 52 categories under its private brand business and plans to invest Rs 500 crore in the new segment in the next 2-3 years.
The company has launched 52 categories under Chemko (home cleaning) Swaccha (personal hygiene), Sampoorti (pantry staples) and X One (male grooming brands) in the first phase and plans to extend their portfolio to the skin and hair care, beauty and apparel categories over the next two years.
The e-commerce firm said it has launched “52 categories of products with the new initiative set to contribute 30 per cent to DealShare’s revenue” and “targets an investment of Rs 500 crore over the next 2 to 3 years for private brands business”.
DealShare plans to take private label brands across 3,000 towns having more than 10,000 population in the next three years, the company said.
The company at present claims to have presence in over 150 cities across eight states and have over 2 crore consumers.
DealShare founder and chief executive officer Vineet Rao said that the company’s venture into private brands business is a solution to the consumers’ growing need to have access to high-quality affordable products.
“While this segment is extremely crowded with big players, however, the mass market customer is still left with limited choices and is predominantly under-serviced. We have been successfully bringing national presence to local brands and believe that our own private brands will only add value and offer wider choices to our value based customers,” Rao said.
The products under private brands by DealShare will be manufactured in collaboration with SMEs.
DealShare co-founder and chief commercial officer Sourjyendu Medda said that the company has on-boarded senior professionals from the FMCG industry to drive this initiative which will be led by Hemant Sood.
“Hemant is a dynamic professional with over 23 years of experience in the consumer business and has driven many such successful propositions as a brand stalwart. With his expertise, we have already seen encouraging initial success for our private brands in the last few weeks,” Medda said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Comments are closed.