Exclusive: AI-based e-commerce startup Eunimart gets pre-Series A funding
Eunimart, an artificial intelligence-based platform for cross-border e-commerce, has raised an undisclosed amount from Agility, a Kuwait-headquartered publicly-traded global logistics company.
Shayak Mazumder, chief executive officer of the Hyderabad-based Eunimart, told TechCircle that the infusion constituted a pre-Series A funding round.
Owned and operated by Eunimart Multichannel Pvt. Ltd, the platform will use the money to expand into Southeast Asia and United Arab Emiretes. apart from developing products, partnerships and processes.
Eunimart was founded in 2016 and Mazumder, a former Indian Navy employee, and Saikat Roy. Its platform enables small merchants to sell their products internationally.
Sellers can list their products on 12 online marketplaces across 60-plus countries, manage inventory and order centrally, handle logistics, track customs clearance, and receive payments in Indian currency.
“Many sellers in India wanted to go global but have no idea how to do it. The regulations surrounding payments and logistics are so confusing that no one even tries to solve them,” Mazumder said.
The platform helps firms integrate wotj prominent online marketplaces such as eBay and Amazon and connect clients with major logistics and payment providers.
Eunimart claims to support more than 1,000 Indian merchants and sell 200,000-plus products in more than 60 countries currently.
Eunimart expects India's share in the global cross-border e-commerce market to grow to 5% in the next five years from 0.8% at present.
Eunimart was among the five startups selected for the summer 2017 batch of the accelerator programme run by US-based technology firm Pitney Bowes Inc.
Agility is a logistics company that works towards bringing efficiency in supply chains in challenging environments globally.
Agility’s core commercial business, Global Integrated Logistics (GIL), provides supply chain solutions for traditional and complex customer needs.
GIL offers air, ocean and road freight forwarding, warehousing, distribution, and specialised services in project logistics, fairs and events, and chemicals.