Shark Deepinder ने ‘Kiko Live’ को किया ‘Zomato’ से Compare | Shark Tank India S3 | Full Pitch

Summary

The video script discusses the digital transformation witnessed across various sectors such as e-commerce and online banking, but highlights that a significant community of small shopkeepers in India, contributing to a substantial portion of the GDP, has not yet embraced this change. The founders of Ecolife, a platform aiming to digitize these local stores, explain their mission to integrate these businesses online, allowing them to sell their products via their own websites and benefit from local delivery without high commission rates. They also discuss their innovative live shopping solution, which has been patented and has shown promising traction. The founders share their vision of enabling every local store to become an online Ecolife shop, aiming to bring two crore shopkeepers into the digital India fold. The discussion also touches on the challenges of competition, funding, and the importance of customer experience and fulfillment rates in the success of their business model.

Takeaways

• 📈 **Digital Transformation**: The script discusses the significant transformation in various sectors due to the digital age, including e-commerce and online banking, but highlights that small retailers have not been able to adapt as successfully.
• 🛒 **Challenges for Small Retailers**: Small shop owners have not transitioned to online platforms due to high commission rates and the inability to afford their own affordable website and delivery infrastructure.
• 💡 **Kiko Life's Solution**: Kiko Life is presented as a solution for small retailers, offering them a digital presence and the ability to sell their products online without high commission fees.
• 🤝 **Community Support**: The founders of Kiko Life aim to support local shop owners by helping them establish an online presence and access to a larger customer base through the government of India's ODIC platform.
• 🚀 **Growth and Expansion**: Kiko Life has experienced growth, starting with a catalog solution and expanding to a live shopping experience, with plans to scale and include more sellers.
• 📱 **Technology and Innovation**: The script mentions the use of technology, such as live video and audio calls, to facilitate orders and improve the customer shopping experience.
• 💼 **Business Model and Revenue**: Kiko Life generates revenue through a subscription model and by providing delivery services to sellers, with expectations of increasing revenue in the coming months.
• 💹 **Funding and Valuation**: The company has gone through multiple funding rounds, with increasing valuations, indicating investor confidence and the potential for further growth.
• 🌐 **Market Potential**: There is a significant market opportunity for digitizing small retailers and integrating them into online marketplaces, which Kiko Life aims to capitalize on.
• 🤝 **Founder's Background**: The founders of Kiko Life come from diverse backgrounds, including an MBA, experience in sales, and previous entrepreneurial ventures, which contribute to their approach to solving the problem.
• 🔍 **Competitive Landscape**: The script acknowledges the competitive landscape but suggests that Kiko Life's unique approach and early mover advantage in the ODIC platform could provide a competitive edge.

Q & A

What is the biggest survival tip for small shopkeepers in the digital age according to the transcript?

The biggest survival tip is to adapt to the digital platform, which is provided by KiKo Life, to sell their products online without high commission rates and to have their own digital presence.

What is the estimated size of the business done by local shops in India?

The estimated size of the business done by local shops in India is around 64 lakh crore rupees, which is about 255 percent of India's GDP.

What challenges do small shopkeepers face when trying to sell their products online?

Small shopkeepers face challenges such as high commission rates on online platforms, inability to afford a cheap website, and lack of resources to deliver products to customers.

How does KiKo Life assist local sellers in their online business?

KiKo Life assists local sellers by providing them with their own website to sell products online, helping them with local delivery, and not charging any commission for orders or deliveries.

What is the future plan for KiKo Life's sellers on the Government of India's ODIC platform?

The future plan is to have all the sellers' products live on the ODIC platform, which will help them receive orders from millions of consumers.

What inspired the creation of KiKo Life?

The inspiration came during the 2020 lockdown when small shops had to close, and people's habits shifted to online shopping. The founders realized the need for a solution to help these small shops go online.

What is the process for a shopkeeper to get onboarded onto KiKo Life's platform?

The shopkeeper logs in with their basic details and can be on-boarded within 5 minutes. Once approved by KiKo Life's admin team, they can start uploading their catalog so customers can see what products are available.

How does KiKo Life ensure that its sellers are able to reach customers without a catalog?

KiKo Life is pushing all sellers to have a catalog. Without a catalog on ODIC, their products will not be displayed, ensuring that sellers maintain a presence on the platform.

What is the significance of the ODIC platform launched by the Government of India for digital commerce?

The ODIC platform is designed to boost digital payments and digital commerce in India, similar to how UPI was launched to promote digital transactions.

What are the funding rounds that KiKo Life has completed, and what is their current valuation?

KiKo Life has completed three funding rounds. They started with a valuation of 90 lakhs at the beginning of 2021, reached 28 crores by the end of 2021, and recently closed a round with a valuation of 80 crores.

How does KiKo Life generate revenue, and what are their current revenue figures?

KiKo Life generates revenue through services and subscription from sellers. Their annual revenue was around 6 lakh in 2021-22 and around 25 lakh in 2022-23. They are currently running at a monthly run rate of 3 lakh.

What is the strategy for KiKo Life to stand out in a competitive market?

KiKo Life's strategy includes offering low commission rates, focusing on early adoption in the market, and providing a platform that helps small shopkeepers digitize their business and reach a wider customer base.