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LatestOne.com, the tech & mobile accessories e-tailer has declared a 50% growth in net revenue on a quarter on quarter basis.
Founded in October 2014, Hyderabad-based LatestOne.com is India’s only publicly-listed e-tailer specialised in tech and mobile accessories. Be it Bluetooth devices, mobile covers, tablet accessories, cables, power banks, Android TVs, headsets, smart watches or CCTV's, it stocks over 10,000 different products in its inventory and operates through its own warehouses. After building the technology and setting up processes, Latestone.com commenced operations in October 2014 and commands an average of 4000 orders per day. The site receives over 3.5 Million visitors in a month and till date has shipped / delivered more than one million orders since the commencement of operations.
Growth highlights of the Company for Q4 FY 15-16 -
- Gross revenue for Q3 FY 15-16 was INR 14.5 crores and net revenue was INR 9 crores
- Gross revenue for Q4 FY 15-16of INR 20 crores and net revenue of INR 13.50 crores
- 50% growth in net revenue on a sequential quarter on quarter basis
Mr. Ameen Khwaja, Founder and CEO of LatestOne.com said about the company's growth, “we are adding new products and categories within the domain of mobile and tech accessories every quarter. In May, we plan to launch a virtual reality set of products at an attractive price of INR 1599 exclusively on LatestOne.com”.
The new foreign direct investment (FDI) regulations in e-commerce from Department of Industrial Policy and Promotion (DIPP) will ensure that performance driven companies will succeed against funding driven companies. This will also give the funded companies like LatestOne.com a great chance to succeed on a level playing field. LatestOne.com follows an inventory-based model, and about 60-70% of the sales comes from its own private label brand PTron. The company operates through its warehouses in Delhi and Hyderabad, delivering tech and mobile accessories to over 19,000 pin code locations in the country.