NEW DELHI: Diversified company RattanIndia Enterprises (REL) on Wednesday said it has operationalised its e-commerce foray by approving an investment of Rs 350 crore in its wholly-owned subsidiary Cocoblu Retail Limited (Cocoblu).
Cocoblu will be partnering with several big and small brands in India to bring them onto leading online platforms in the country, REL said in a regulatory filing.
“Cocoblu is committed to scale up local micro, small and medium manufacturers and help them build their brands and reach their true potential through digital channels. This provides a great opportunity for online retail in India devoid of complexities and Capex of physical retail,” it said, adding, Cocoblu seeks to be a dominant seller in multiple categories on these online retail platforms in the country.
This funding will be utilized by Cocoblu to develop its business including the creation of tech-enabled access to consumers for select brand owners/sellers on the platforms of leading e-commerce sites in India, said the company. The venture will offer end-to-end solutions to brands & sellers to help them achieve a highly efficient and rapidly scalable model, it said.
Anjali Rattan Nashier, Business Chairperson of RattanIndia Enterprises Limited said, shared, “Cocoblu will be well-positioned to provide value to salient brand owners/sellers in India’s ever-expanding e-commerce landscape. Our investment of `350 crore is intended to give fillip towards the creation of an all-digital approach to selling lifestyle offerings via leading e-commerce platforms.”
RattanIndia Enterprises builds businesses in new-age sectors including electric motorcycles, drone solutions, and fintech.