Diversified firm RattanIndia Enterprises on Wednesday announced a Rs 350-crore investment in its arm Cocoblu Retail Ltd to drive its e-commerce business. The company, which has presence in new-age sectors, including electric motorcycles, drone solutions and fintech, said this funding will be utilised by Cocoblu to develop its business including creation of tech-enabled access to consumers for select brand owners, sellers on the platforms of leading e-commerce sites in India.
The venture will offer end-to-end solutions to brands and sellers to help them achieve a highly efficient and rapidly scalable model, it added. Commenting on the investment, RattanIndia Enterprises Ltd (REL) Business Chairperson Anjali Rattan Nashier said Cocoblu will be well-positioned to provide value to salient brand-owners and sellers in India’s ever-expanding e-commerce landscape. “Our investment of Rs 350 crore is intended to give fillip towards creation of an all-digital approach to selling lifestyle offerings via leading e-commerce platforms,” Nashier added.
REL seeks to nurture a strong presence in the e-commerce domain through its focused e-commerce subsidiary. Cocoblu will be partnering with several big and small brands in India to bring them onto leading online platforms in the country, the company said. Cocoblu is committed to scale up local micro, small and medium manufacturers and help them build their brands and reach their true potential through digital channels, it added. Stating that digital e-commerce remains a core pillar of growth for REL, the company said the venture holds strategic relevance in its growth vision.