Organicshop.in, one of India’s largest and the fastest growing e-tailer of organics, has reported that the start-up venture is now looking at its second round of funding worth US$1.6 million. This is with a view to pump in investments for its international business expansion plans, strengthen its Europe operations, and foray in private labelling along with launching offline operations. The startup has been growing at an incredible rate of 400 per cent from 2013 as registered this year and grew its customer base eight times.
ManujTerapanthi, founder and CEO, Organicshop.in, said, “We are extremely optimistic about the organic industry and with our growth so far. The real sense of assurance has come from consumers while we almost have one new organic brand joining hands with us daily. Through this round of funding, we are looking for major expansions in offline retail of organics and introduction of our own premium organic brand – itsorgic. We are aiming at capturing the 60 per cent market share of the overall online organic retail market in India.”
The venture that sells certified organic products, natural, herbal and bio organic cosmetics, food, health and wellness supplements and clothing and textiles from both national and international brands has now, recently launched its ‘Organic Wedding Collection’ which provides a filtered prodigious range of incredible organic products necessary at the time of wedding exclusively for bride and groom. With this, Organic Shop has recently introduced its first web-exclusive commercial promotion video to further emphasise on and educate the organic consumers.
The global organic market which sized at US$61 billion in 2012 and has been growing at a steady CAGR of 15 per cent. In terms of revenue and customer acquisition, Organic Shop has grown manifold since past one year. While the average daily customers have grown eight times, the average ticket size has also shot up to three times. The repeat customer has moved to 40 per cent which is a testimony to the superlative shopping experience offered by the e-commerce startup.
Going forward, Organic Shop plans to further expand its footprints in US which proves to be the biggest market for organics in the world. Also, by end of 2015, Organic Shop targets to open 14 dedicated local website to further capture the super-growth pockets of organic demand in India. With the next round of funding due in November, Organic Shop plans to further start its own organic fashion label called- ‘itsorgic’ which will the ultimate luxury brand in the organic industry. Another development that Organic Shop is ready to announce in the recent future is the warehousing facility that Organic Shop has just started to work out.