A B2B platform for buying and selling ready and excess goods, Xstok is all set to break-even by FY17 on the back of growing sales.
Founded by Sanjiv Khandelwal and Mihir Shah nine months ago, Xstok will be ramping up its reach to over 120 towns this year from over 30 cities now, Khandelwal was quoted by PTI as saying.
Sanjeev further added to the above statement, angel investors like Jeetu Panjabi (ex-Capital Group), Manish Chokshi (Asian Paints), Oliphans Capital, Anupam Mittal (People Group) and Vineet Suchanti (Keynote Capital) have invested over Rs 3 crore to launch Xstok.
The startup will at present hire 45 people and 30 more in the next three months. To add on its present business, Xstok is launching Sample Express, where they will send physical samples to the prospective buyers all over the country within two working days. Most of the samples will be free of charge except for the premium products where a refundable deposit will be taken.
Xstok has around 6,500 listed customers and more than 250 suppliers which include Arvind Mills, Trident, Mafatlal, Grasim, Welspun, Bombay Dyeing and Gokuldas Textiles. Their products and surplus units range from Rs 50,000 to Rs 50 lakh, with detailed information about the product. Units are sold either with auction or direct wholesale.