Fintech firm Senrysa Technologies is leveraging its existing 'bank mitra' network to harness e-commerce potential in parts of the country where delivery services of existing e-tailers are not available, a company official said.
The city-based company claimed it has been able to test a business model successfully with the existing network of about 5,000 'bank mitras' across the eastern region.
"Bank mitras are not only helping the company to execute banking services but are also facilitating e-commerce transactions," Senrysa Technologies Managing Director Kumar P Saha told PTI.
A 'bank mitra' works as a representative or agent of a bank to provide banking services to citizens.
"People living in the Tier III and IV cities and small towns aspire to buy products through e-commerce portals but big e-tailers do not provide delivery services to many of these locations. We want to tap these customers," Saha said.
In India, there are about 60,000 PIN code areas but big players in the market cater to only around 15,000 PIN code areas, he said.
"Our company aims to focus the unserved PIN code areas," he said.
This will be a "win-win" plan for both customers and the company, he said, adding the strategy helps them to evade tough competition from the deep-pocket e-tailers.
"We aim to penetrate deep into rural India with 50,000 e-shops that will help to execute transactions on our e- commerce portal nextdoorhub.com," Saha said.
He said these e-shops will act as an integrated kiosk, from where e-commerce transactions will be executed and deliveries will be done.
The firm, which has been offering 'bank mitra' services for various banks in the east and northeastern states, has engaged 5,000 such points in a test run and the results are encouraging, Saha said.
He said the company would invest Rs 100 crore in the 2019-20 financial year to create infrastructure and rope in independent "mom-and-pop" stores to act as e-shops.
"These shop owners will also give confidence to the customers to transact and the deliveries are guaranteed by these neighbourhood store owners," Saha said.
The website nextdoorhub.com offers products ranging from men's and women's fashion, electronics goods and appliances, home and kitchen accessories and in kid's segment.
"We will add grocery in the near future and are in discussions with leading fashion brands," Saha added.
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