Published On: September 17th, 2020
Founder of Fintech startup Perpule Yogesh Ghaturle launches grocery delivery platform StoreSe
It is a Bengaluru based startup. The firm has collaborated with many leading offline retailers. Their primary partners are More retail ltd, Metro Cash and carry, and Vishal Mega Mart. The focal point of the company is to permit apartment residents to order groceries and essential items at their doorsteps.
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The Journey from Perpule to StoreSe
The trio Abhinav, Saketh, and Yogesh Ghaturle had founded Perpule three years ago and StoreSe is the part of it.
The initial idea came from one of the biggest shopping festivals in America. It was the Labor Day sale, and they noticed that the brands were connecting with customers through huge sales initiatives. They saw long queues outside brick and mortar stores.
They also noticed that the lines were half a kilometre long. So they decided to create an effective solution to it. They decided to build a Fintech platform that eliminates queues by providing quicker and easier checkouts.
After the thought, they moved towards implementation and launched Perpule- which is focused on making retail easy. From then till now, the firm has raised funding from prominent venture capital companies such as Kalaari Capital, Venture Highway, Prime ventures, and angels like Raghunandan G of Taxiforsure.
The founders then shifted their focus to StoreSe after they got lots of calls from retailers and public servants. These calls were requesting them to help move retail stores to digital during the Covid-19 Pandemic.
Aim of StoreSe
The StoreSe aims to include (3,000+ departmental stores) [efn_note] https://yourstory.com/2020/04/coronavirus-fintech-startup-perpules-storese-platform-essential-delivery [/efn_note] to its platform from the waitlist by the beginning of May. The revenue, orders, net value, turnover, and customers are increasing massively.
As per the data, the growth rate of StoreSe ranges between (20-25% week-on-week) [efn_note] https://www.thejakartapost.com/news/2020/07/09/indian-retail-tech-start-up-perpule-expands-market-to-sea.html [/efn_note]. The company has extended its service portfolio to 25 more cities in June.
The brand’s product catalogue contains (more than 5,000 items), including groceries, vegetables, fruits, personal care, snacks, beverages, dairy, etc.
Currently, the company’s direct competitors include Zomato, Dunzo, Swiggy, BigBasket, and Zomato. BigBasket shares a major part (approx 50%) of the Indian grocery delivery market in India and has revenue generation of (approx. $50 million). With the increasing demand, the brands are also trying to tie up directly with distribution centres and brands for timely deliveries.
Image Source – Statista
The brand’s product catalogue contains more than 5,000 items: groceries, vegetables, fruits, personal care, snacks, beverages, dairy, etc [efn_note] https://www.indiaretailing.com/2020/05/12/food/food-grocery/grocery-shopping-platform-storese-launches-in-delhi-ncr/#:~:text=StoreSe%20has%20an%20extensive%20product,brands%20to%20bring%20them%20online [/efn_note]
The pandemic has given massive stress to the retailers. The retailers have seen many troubles due to extended closures, a reduction in sales, degraded operating hours, and the expiration of goods. As per the data, (60-80% workforce) got reduced because most of them work the migrant workers.
Image Source – Online Grocery Market Updates
The company has assisted retailers to stay functional in the pandemic situation. It has enabled them to follow government guidelines and set up their digital platform and administrate payments and inventory.
Funding of StoreSE
The company started its operation in the Silicon Valley of India, Bangalore in April 2020. Even in the pandemic situation, the company seems well prepared with seed capital and funding.
Image Source – Retail4growth
How does StoreSe work?
It is effortless to use StoreSe. If any customer wants to order something from StoreSe, they can visit the platform and choose their apartment. After that, they require to select the desired product from the catalogue and pay for it by online mode. The order will get delivered in less than 24 hours at their doorsteps.
Suppose any customer could not find their apartment in the list, he/she can make an entry for it under the “List Your Apartment” option. They can promote it within their apartments to get “Upvotes” from other residents. By considering the number of upvotes and demand, the StoreSe management will list the apartment and extend its services to that apartment.
The new apartment will get listed within 72 hours. StoreSe has collaborated with cab aggregators to deliver the orders to the customer’s doorstep.
Background of StoreSe
StoreSe is a Bangalore based startup initiated by Yogesh Ghaturle. The company has recently seen a growth in (operations by 15%). The company founders have seen high-demand potential in major cities. So, they are thinking of expanding the company’s operation, starting with Delhi-NCR.
Yogesh Ghaturle’s StoreSe is all set to gain full recognition in other cities such as Jaipur, Hyderabad, Mumbai, Pune, and some tier-2 cities in the upcoming weeks.
Yogesh Ghaturle has set a benchmark for entrepreneurship, and StoreSe is a perfect inspiration for India’s Youth. As we have seen in this story, being observant can change your life as the original idea of launching Perpule came by noticing the long queue outside brick-and-mortar stores.
StoreSe is observing a high growth rate and it has a robust business model, so it’s expected to grab the grocery delivery market soon. It is one of the best platforms for investors’ funding and an inspiring example of entrepreneurship.