Biyani revolutionises e-biz, eyes Rs 1,000-cr rev in 24-months -Governance Now

Biyani revolutionises e-biz, eyes Rs 1,000-cr rev in 24-months

Futurebazaar.com revamps its online business portfolio

PTI | October 1, 2010

Diversified Future Group's e-commerce venture futurebazaar.com has revamped its online business portfolio and expects an around Rs 1,000-crore revenue over the next 18-24 months, a top company official said today. The company had ventured into the e-commerce space or online business four-years ago. "We want to revolutionise digital commerce in retail in India. We will be offering the cheapest deals online, which will be 5-10 per cent cheaper here. In the next 18-24 months, we expect an around Rs 1,000-crore revenue for the Group coming in from here," Future Group's CEO Kishore Biyani told reporters at the launch of 'The Battle', the unique physical shopping initiative. The products range from phones, laptops, TVs, apparels, home and kitchen appliances and home furnishings. The Group, which owns the country's largest retail chain Pantaloon Retail, also expects a gross margin of 10-12 per cent from futurebazaar.com over the next two-years. "Just like IPOs are being launched in the market, we will be launching products. We will start with mobile phones first and then have an 'IPO' for other categories every fortnight. There will be a battle to buy the cheapest product," he said. The registration for the cheapest mobile 'IPO' will open this October 15 and close on October 18. Payments for online shopping will be accepted in cards, cheques, cash and Mchecks with an option for cash on delivery as well. However, there will be no restriction on brands and models on the online platform, he said, adding that those who cannot access the Internet can also order over phone. For phone commerce, the company has hired 250 calling agents who will be attending to 40,000 customers per day. Meanwhile, the logistics and back-end part will be taken care of by Future Supply Chain, a subsidiary of the Future Group, which has set up a large warehouse for the same in Bangalore. The Group has so far invested around Rs 100-crore in the entire project and will pump in another Rs 65-crore in the coming months, Biyani said, adding that the services will be available at 16,000 pincodes across 1,600 cities in the country.

Comments

Other News

India reaffirms commitment to climate multilateralism

India has reaffirmed its commitment to climate multilateralism and the principles of Equity and Common But Differentiated Responsibilities and Respective Capabilities (CBDR-RC), calling for a fair, equitable and ambitious outcome at the 31st Conference of the Parties (COP31) to the United Nations Framewo

How the mind can help the body heal itself

Why do some people recover from illness against all odds? Can our beliefs, emotions and consciousness influence the body’s ability to heal? Drawing on over three decades of experience in medicine, research and medical innovation, internationally trained ophthalmologist and author Dr Dinesh Verma ex

1,364 anti-cancer formulations to cost less from today

The National Pharmaceutical Pricing Authority (NPPA), under the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, has capped trade margins on the Maximum Retail Price (MRP) of 137 anti-cancer drugs. This was based on the recommendations of an Expert Committee constitute

Who checks the books?

I read about the news about the Coimbatore library over coffee this morning. On the face of it, the headline was about a political ‘war’ between the DMK and TVK. But what stayed with me was something much more important than the blame game behind what had transpired. A writer walking through

Development paradox: Falling poverty miracle and an inequality problem

India’s reduction in poverty over the past decade is a development achievement of considerable significance. The World Bank’s April 2026 ‘India Development Update’ estimates that the share of Indians living below the international extreme-poverty line of $3.00 per person per day i

In Arunachal, a river we call mother

In Arunachal Pradesh, the Siang is not just a river. For many of us, especially the Adi people, it is part of our family. Our grandparents fished in it. Children learned to swim in it. Our farms drink from it. When someone says a huge dam will be built on it, we do not hear the word "project".