Serial entrepreneur Palem Srikanth Reddy has started an e-commerce venture that exclusively sells technology accessories. LatestOne.com, which has a warehouse in Hyderabad, sells over 1,000 types of cables, 3,000 different cases for mobiles and tablets and 50 variants of power banks.
About 90 per cent of the products are made by the firm through its partners makers in China.
The firm is owned by Palred Online Technologies, an arm of the Palred Technologies that is listed on BSE and NSE.
“The market for technologies is quite huge. We would like to exclusively focus on this niche area, making it easier for gadget lovers to pick the right kind of accessory,” LatestOne.com Chairman Palem Srikanth Reddy said.
Addressing a press conference, he said the firm is planning to open warehouses in other major cities such as Delhi. The firm so far invested Rs 20 crore on the e-commerce foray. “We have committed another Rs 10 crore for the expansion. We might go for raising of funds after six months,” he said.
Quoting a survey, he said the addressable market (tech accessories) was huge in India with people buying Rs 2,000 crore worth accessories every year in the country. During the last nine of months the soft launch, the firm registered one crore visitors to the site with 2,500 orders a day. It employed 100 people.