Tolexo hires ex-Snapdeal official invest $2 mn to build mobile technology
Tolexo.com, an online marketplace for business goods and supplies on Wednesday said it is investing $2 mn towards building a mobile product to take its mobile initiatives further.
It recently launched a mobile app targeted to be used by 47 million small-scale firms in India and hired a former official from Snapdeal to build its mobile technology capabilities.
"We have witnessed consistent growth in the number of users interacting on our mobile site, proving the transition of the traditional businesses to the online way of buying.
"The further investment in the mobile tech will ensure that we stay ahead of the curve and provide the best user experience to businesses," Tolexo.com co-founder Harsh Kundra said in a statement.
Based on a report from Walmart, the company claimed that business-to-business e-commerce channel in India is a $ 700 billion opportunity by 2020.
"Therefore, leveraging the mobile opportunity is a key focus for Tolexo", the statement said. Presently, more than 90 percent of the companya's customer base includes small and medium businesses, with the maximum traction seen from upcountry locations.