CoutLoot, social commerce platform, has announced the launch of a wholesale platform( supply.coutloot.com) to connect millions of offline and online sellers directly to the small and medium manufactures across the country.
Through this platform, sellers and merchants can source fast-moving products and categories directly from the manufacturers, eliminating the need for middlemen and increasing profit. The platform would immediately help over 7 lakh sellers source their products faster and also is boost their earnings three-fold, it said in a press statement.
Jasmeet Thind, Cofounder, CoutLoot said, “The platform is tailor-made for smaller retailers and sellers coming from beyond the metro cities of India. The wholesale SAAS platform will be integrated with other platforms, short video apps, logistics platforms etc to plug supply chain issue for every small Indian business or creator. The sellers would be able to source products directly from the manufacturers at smaller MoQs (minimum order quantity) at right price through which they can order even with a small working capital. It will also help them earn better margins.”
At present, all the bigger B2B platforms offer large quantities that smaller sellers can’t afford. With the help of technology, CoutLoot is trying to get into smaller MOQs to help smaller sellers and even creators start their own online stores in smaller towns.
Nearly 70 percent of Coutloot’s users are in smaller towns, indicating a suppressed demand for online buying and selling in a more local and trusted way. The wholesale platform currently lets sellers chose from over 5000 SKUs from across 240 small and medium factories in India. The plan is to have around 60,000 SKUs over the next two months.
Founded by Thind and Mahima Kaul, Coutloot is a platform that allows buyers and sellers to bargain while shopping. It helps sellers list non-MRP (non-fixed-price), unbranded local market products across fashion, electronics, home decor, sports and other boxed categories that account for three-fourths of India's retail market.
CoutLoot, which has raised around $12 million in total from Ameba Capital, 9Unicorns, Venture Catalysts and Astarc Ventures, expects to have a strong network of three million sellers on its platform by end of 2022.
