Even though the first two years, they encountered challenges pertaining to grocery B2C supplies and credit difficulties in B2B sales, by mid of 2017, it launched its merchant centric eCommerce model and since then there was no looking back. It is in the process of establishing its own outlet and tie up with rice shops to ensure easy availability of rice orders at the doorsteps of the customers. The platform has been successful in delivering in Telangana and Andhra Pradesh and soon the delivering units will start in all parts of major cities of South India as it is the most rice consuming region.
Onlyrice.com has 82 franchisees store at present and plans to acquire 600+ stores in 2019 out of 8000+ exclusive rice stores and 25,000+ Kirana shops in Hyderabad
While in India, the B2B market space is fully dependent on credit model and refrain businesses to expand their market shares without credit facility, OnlyRice.com has tied up with an NBFC(Non Banking Financial Company) where they provide credit to the rice and Kirana merchants that go up to 1 Lakh for 30 days. “Here we all are in a win win situation. The merchant gets his credit, we get our money within 24 hours and the bank gets interest from us for 30 days. All of this
Besides, due to the discount driven online eCommerce market places and increased rise in Smartphone penetration that is fuelling rapid growth in Indian retail eCommerce sector, OnlyRice.com with its innovative business model is setting strong foothold in South India.
As a new addition, OnlyRice.com has begun exporting Rice to Europe. “We have sent one consignment to Bulgaria and we are planning to expand our services to rest of Europe. For that, Sanjay is collaborating with some food supply companies in Europe. By end of this year, we are expecting some good orders,” concludes Vikram on a positive note.