IndiaMart, India’s largest B2B marketplace is planning to launch online retail marketplace Tolexo. Now before we start jumping to conclusions and speculate on the increased competition with Amazon, Flipkart and Snapdeal, Tolexo will not be competing with them. The company insists that they will be selling a different set of products. Word is out that it might sell home, office and industry supplies.
IndiaMart, the parent company, has over 1.6 million users with daily 9.3 million page visitors. The site has sellers registered in categories from cosmetics to industrial design to clothes and pharmaceuticals.
The reason for setting up Tolexo is foraying into the B2C market and claiming a share of the pie already expanded by Flipkart and Amazon. In addition to that, the company is planning to focus on the products which currently not considered so ‘hot’ by the consumers, but are necessary as well. The marketplace model also allows easy FDI into the company.
The company plans to raise $100mn over the next 2-3 years. The Tolexo website is expected to go live in next five weeks.