Mumbai: Social e-commerce start up cutloot It is targeting a gross merchandise value (GMV) of $100 million during the current calendar year, following an increase in sellers and product listings from last year.

The company said that it had one lakh sellers before the pandemic which has now grown to over 5.5 lakh with over 30 million listings. It has grown 17x year-on-year so far with an annual GMV of $70 million.

GMV, in e-commerce parlance, refers to the total value of sales on a platform during a given period. This includes exemptions given but does not include returns.

“The problem for India’s offline businesses is still the same for decades and continues to do so – increasing sales. Digitization doesn’t mean online catalogues, digitization in the real sense means taking your business and transactions online, which is what Coutloot does. Millions of unbranded small offline stores from local markets in India,” said Jasmeet Thind, cofounder at Coutloot, which is modeled on the Alibaba-owned marketplace Taobao.

The firm has raised $8 million in a pre-series round led by venture capital firms Amoeba Capital, SOSV, 9 Unicorn Astark Ventures and Venture Catalysts. The company said the funding was a harbinger of a soon-to-close $25 million larger round.

Jasmeet Thind and . established by Mahima Kaul, Coutloot is a platform that allows buyers and sellers to strike a bargain while shopping. It helps sellers list non-MRP (non-fixed-price), non-branded local market products in fashion, electronics, home decor, sports and other boxed categories, which account for three-quarters of India’s retail market. are part.

By 2022, the platform is expecting a GMV of Rs 1,000 crore due to the increasing demand coming from smaller cities. The best performing vendors of Cotloot come from smaller towns like Nagaon in Assam, Basai near Gurugram, Korba in Chhattisgarh, Surat in Gujarat and Ludhiana in Punjab. With a quarterly seller retention rate of 42%, Coutloot is the only SaaS O2O platform and marketplace with a seller-success rate of 62%.

The company’s app has been downloaded over 9 million times and an average seller on Coutloot earns up to Rs 16,000 per month.