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Letsbuy targets Rs 300 cr biz this year; to hire 300 people

Letsbuy targets Rs 300 cr biz this year; to hire 300 people
PTI
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First Published: Sun, Jul 24 2011. 11 34 AM IST
Updated: Sun, Jul 24 2011. 11 34 AM IST
New Delhi: Riding on the boom of online sales business in India, Digitail Management Services expects to achieve Rs 300 crore business from its online shopping website, LetsBuy and has plans to hire 300 people by 2011-end.
“In June, we did Rs 13 crore business. We are expecting to close July business at Rs 16 crore. In next 12 months we are looking at Rs 300 crore business,” Hitesh Dhingra, founder and chief executive officer, Digitail Management, said.
He added the company is seeing 35% to 40% month-on-month increase in business since last 6 to 7 months.
Letsbuy deals in electronic gadgets, IT products, consumer durables, home appliances and accessories.
Dhingra said sales of company recently experienced double growth in sales of laptops and LCD television after it entered in to tie-up with Citibank to sell products on easy monthly installment to its credit card users.
“We are extending similar partnership with ICICI banks” Dhingra said.
Started in 2009, the company is investing to build capacity mainly in supply chain management.
“In December 2010, we sold some stake in Letsbuy to three venture capitalist to raise $6 million for funding our growth plans,” he added.
The company has three warehouses in Delhi, Mumbai and Bangalore, cost and freight agents in six states. Digitail is looking to enhance its base across India.
“Till December 2010, we were only 15 people. Since then we have grown to around 200 workforce. Our hiring plan is on for strengthening supply chain and customer support. By the end of 2011, we expect our head count to grow up to 500,” Dhingra elaborated.
Citing the reason for growth, Dhingra mentioned that people in India are willing to spend provided they are given proper support and service.
“Since we work directly with companies, we provide onsite service in case there is defect in the product. We give replacement and even refund, if customer is unsatisfied,” he explained.
At present, Letsbuy is getting maximum business from Mumbai followed Delhi NCR and Karnataka.
“We are getting orders from tier 2 and 3 cities of UP, Bihar, Tamil Nadu. In recent times we have seen order coming from places where tier 1 courier service don’t have their presence. We use India Post and railway mail service for delivering at those destinations,” Dhingra said.
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First Published: Sun, Jul 24 2011. 11 34 AM IST