Thursday, September 28, 2017 — MoneyOnMobile, Inc. (OTCQX: MOMT) today announced an agreement with ShopClues, one of India's largest e-commerce marketplaces, to enable the in-store purchase of ShopClues products using the MoneyOnMobile platform at any of MoneyOnMobile's participating 335,000 retailers.
Customers who visit one of our enabled retailers will now be able to order from ShopClues, pay for their goods, and have them delivered to their home or the retailer.
Based on recent industry data the e-commerce market in India is expected to triple in size in three years, from $38 billion in 2017 to $119 billion in 2020. This latest enhancement to the MoneyOnMobile platform ensures that anyone in India can shop online, and pay with cash.
"The alliance with MoneyOnMobile is in sync with ShopClues' vision of digitally connecting Bharat Online. This partnership will enable us to further expand our consumer base to more remote parts of India, essentially covering tier III and tier IV cities, along with metros. The walk-in customers will be able to experience a wide range of quality products under ShopClues' Surety program at some of the best price points available in the market," Nitin Kochhar, VP – Categories for ShopClues, commented.
"Our strength lies in our pan-India retailer network, because it enables MoneyOnMobile to provide financial services to the remotest parts of India," said Harold Montgomery, Chairman and CEO of MoneyOnMobile, Inc. "This agreement opens access to the growing e-commerce market for the unbanked and the underbanked in India."
"Indian consumers are heavily reliant on cash for purchases, and this deal allows MoneyOnMobile enabled retailers to assist consumers with online purchasing," said Ranjeet Oak, Joint Managing Director of MoneyOnMobile's Indian operations. "India is estimated to have 600 million people who are unbanked or underbanked, meaning they do not possess a bank account or have little access to the account they do have. Once enabled in their shop, retailers become brick and mortar centers for online shopping. We believe they will connect the world of e-commerce to hundreds of millions of Indians."
Size of India E-commerce market: https://www.forbes.com/sites/greatspeculations/2016/06/27/amazon-tops-indian-e-commerce-market-in-web-traffic/#468a22ee768c
ShopClues Market Position:
ShopClues is India's first and the largest managed marketplace with more than 190 million monthly visitors on its website and was founded in July 2011 in Silicon Valley by Sandeep Aggarwal. With 50 million listed products and over 500,000 merchants, ShopClues aims to provide the best online shopping experience to its customers - starting from the great selection, low price, ease of use, fast delivery, and ending with the best customer service you have ever experienced. ShopClues ships in over 29k pin codes across India and has thousands of online stores.
The company, run by co-founders Sanjay Sethi & Radhika Aggarwal and an energetic team of over 1,000 people, is funded by leading institutional investors, is an Indian subsidiary of Clues Network Inc., a U.S. Corporation, and is based out of Gurgaon.