A Boston college graduate and a loan aggregator have together decided to give power back to the aam dukandaar who runs your friendly neighbourhood kirana store.
Sahil Sani and Bharat Balachandran realized that with the torrent of discounts being offered online, it was the small brick-and-mortar neighbourhood store that suffered the most. They came to the conclusion that it was technology and not unnatural discounts that was the primary driver for this shift in consumer preference.
Their start up, Just Buy Live, is a platform that provides traditional retailers and institutional buyers unfettered access to consumer brands. Their mobile app went live in January 2016 and is available on the Android and iOS platforms.
The app takes goods from manufacturers, or their warehouses, and transports these to the retailer’s doorstep through third-party logistics (3PL) partners.
Claiming the platform to be the world’s first multi-category distributor, Just Buy Live Co-founder and Managing Director, Bharat Balachandran was quoted by Business Standard as saying: “Unlike conventional distributors, we stock products from competing companies like Pepsi, Coke, Hindustan Unilever and ITC.”
“We have a structured and unsecured credit offering -Udhaar by Just Pay – which is powered by financial services firm Religare. In essence, we will be providing Udhaar (credit) upwards of Rs 2 lakh to retailers to use the app, sans any collateral or unnecessary paperwork,” he was further quoted by Business Standard as saying.
Under the Udhaar, a retailer can avail a 30-day interest-free credit, which frees the working capital of the retailer and allows him to repay the amount later. The firm aims to provide Rs 1,000 crore in credit by the end of 2016.