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

Shark Tank India

28 Mar 202416:58

Summary

TLDRThe 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.

Outlines

00:00

😀 Introduction to Kirana Stores and KiKo Life

The first paragraph introduces the concept of Kirana stores in India and the challenges they face in the digital age. It talks about how these small retailers, who contribute significantly to India's GDP, have not been able to leverage online platforms due to high commission fees and lack of resources to create their own affordable websites. The paragraph then introduces KiKo Life, a platform founded by Alolika, Virendra, and Neeta that aims to solve these problems by providing a digital presence to these local stores, enabling them to create their own websites and sell online. The founders also mention their plans to integrate with the government's ODIC platform to reach a wider audience.

05:01

😉 How KiKo Life Helps Sellers with Cataloging and Online Sales

The second paragraph explains how KiKo Life assists sellers in cataloging their products and setting up their own typical websites. It outlines the process of onboarding sellers, getting their catalogs approved, and uploading the products so customers can browse and make purchases. The paragraph also highlights KiKo Life's competitive advantage of charging low commission fees compared to other platforms. It discusses the importance of order fulfillment rates and how KiKo Life is working to improve them. The founders share their vision of transforming every local store into an online KiKo Shop and their revenue model based on service revenue from delivery services and subscription fees from sellers.

10:03

😃 KiKo Life's Funding, Growth and Founders' Background

The third paragraph provides insights into KiKo Life's funding journey, growth, and the founders' background. It mentions the three funding rounds the company has raised so far, with the latest one valuing the company at 80 crores. The founders discuss their previous entrepreneurial ventures and how they bring their experience to KiKo Life. They also talk about their revenue generation, marketing efforts, and future aspirations. The paragraph concludes with a discussion on the challenges of competing with larger, better-funded players in the market.

15:03

😄 KiKo Life's Strategy for Scaling and Competitive Advantage

The fourth and final paragraph focuses on KiKo Life's strategy for scaling and gaining a competitive edge in the market. It discusses the importance of cataloging and onboarding the 2 crore retailers onto the ODIC platform. The founders emphasize the need to work on the unit economics and operational efficiency to compete with well-capitalized players. They also talk about their plans to automate the workflow and leverage technology to differentiate themselves. The paragraph concludes with a discussion on the challenges of justifying a high valuation and the importance of focusing on growth and innovation in the early stages.

Mindmap

Keywords

💡Digital Age

The Digital Age refers to a period in which technology and digital communication have a significant impact on people's lives. In the video, it is mentioned that many aspects of life, such as e-commerce and online banking, have transformed with the advent of the Digital Age, but a community of small shop owners has not experienced this transformation.

💡E-commerce

E-commerce is the buying and selling of goods or services using the internet, and it has grown significantly with the rise of the Digital Age. The video discusses how e-commerce platforms have changed consumer behavior and business operations, but small shop owners have not been able to fully participate in this digital shift.

💡Commission

Commission refers to a fee charged for a service, often a percentage of the total transaction amount. In the context of the video, it is mentioned that high commission fees on online platforms prevent small shop owners from selling their products online, as they cannot afford the fees.

💡KiKO Life

KiKO Life is a platform mentioned in the video that aims to provide a digital presence for small shop owners. It allows these sellers to create their own websites and sell products online, thus helping them to participate in the e-commerce revolution without the high commission fees associated with other platforms.

💡Local Delivery

Local delivery refers to the process of delivering goods or services to customers within a specific local area. The video emphasizes KiKO Life's assistance to sellers in facilitating local delivery, which is a significant aspect of their business model and helps them compete with larger e-commerce platforms.

💡ODIC Platform

The ODIC (Open Network for Digital Commerce) platform is an initiative by the Government of India to promote digital payments and e-commerce. The video discusses how KiKO Life plans to list all their sellers' products on the ODIC platform, which would potentially expose them to millions of customers and help them grow their business.

💡Digital Transformation

Digital transformation involves the integration of digital technology into all areas of a business, fundamentally changing how a company operates and delivers value to its customers. The video highlights the need for small shop owners to undergo digital transformation to retain their customers and grow their businesses in the long term.

💡Cataloguing

Cataloguing is the process of organizing and listing items, often for sale. In the video, it is mentioned that KiKO Life assists sellers in cataloguing their products, which is a crucial step in allowing these products to be seen and purchased by customers online.

💡Live Shopping

Live shopping is a retail format where products are showcased and sold in real-time, often through video calls or live streaming. The video discusses KiKO Life's patented live shopping solution, which allows shop owners to take orders from customers via video or audio calls, providing a more interactive and engaging shopping experience.

💡Fulfillment Rate

The fulfillment rate is a measure of how often an ordered product is successfully delivered to the customer. The video talks about the importance of a high fulfillment rate for customer satisfaction and the challenges faced by small shop owners in achieving this in the context of digital commerce.

💡Investment

Investment in this context refers to the financial backing received by KiKO Life from investors to grow their business. The video outlines the different funding rounds and the increasing valuation of the company, indicating the investors' confidence in the business model and its potential for growth.

Highlights

Kiko Life is a platform that enables local store owners to create their own websites to sell products online and helps them with local delivery as well.

Kiko Life charges no commission from sellers for orders or deliveries made through their online shop.

The platform is set to go live on the Government of India's ODIC platform, providing sellers access to millions of customers.

The idea for Kiko Life emerged during the 2020 lockdown when small stores had to close and people started shopping online.

The founders aim to solve the problem for small stores to go online and retain assisting customers in the long term to grow their business.

Kiko Life provides a live shopping solution where store owners can take orders from customers over video or audio call during the live session.

The live shopping feature has been patented and has won an award for its innovation.

Over 50% of a store's business comes from home delivery, and Kiko Life helps sellers reach out to customers through various channels like phone, WhatsApp, etc.

The platform is different from other live commerce solutions as it leverages the existing relationship between store owners and their customers.

Sellers can easily onboard onto the platform and start uploading their product catalog within 5 minutes of logging in.

Kiko Life has an admin team to approve sellers and help them with any backend tasks.

The typical checkout process on the platform involves the customer entering their address, choosing a payment method, and checking out.

The founders aim to make every local store an online Kiko shop and bring 2 crore shopkeepers onto the platform.

Kiko Life has already onboarded over 1000 sellers in the past 2 months since the seller website was launched.

The platform generates revenue through various means like commission on delivery services, subscription from sellers, etc.

The company has raised a total of ₹5.5 crores in three funding rounds from investors.

The founders have a diverse background with experience in NBFC, influencer-led selling, and branded product distribution.

Kiko Life has seen strong traction so far with sellers joining the platform and transactions happening.

The company aims to grow its revenue to at least 10x in the next 3 months and achieve a valuation of ₹80 crores.

The founders believe they have a unique value proposition compared to larger competitors and can create a niche for themselves.