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Sanjay Kaul, former Country Manager of Apple India on Tuesday declared the launch of new startup Sofyx, a social commerce platform.
The venture focuses on empowering traders who deal with smartphones and their accessories. Sofyx deals with in-store operations and customer interactions by bringing the mobile re-seller community with stakeholders, including device manufacturers, telecom operators, distributors, and other merchants to its platform.
The startup, Sofyx, is co-founded by Mukesh Kachroo, who is a former CTO of Gain Capital Group, US. The new venture has launched in Delhi NCR that contributes around Rs 2000 crore in smartphone revenue annually.
Other services include exclusive deals to retailers from distributors and brands, enabling retailers to promote their products and other sales.
Sanjay during the launch said that,
“while larger businesses may be positioned well to plug into a rapidly evolving digital India, smaller businesses still lag behind. I firmly believe we can transform these small stores into a significant channel that brands, distributors, and customers would love to engage with.”
Officially, Sofyx claims to sold 140 million smartphones last year in India. The platform offers business networking, real-time feedback, engagement, and other services that veers business transactions.
Kaul adds, “In the next five years, the smartphone business will grow to about $16 billion a year as feature phone market transitions to smartphones. There are more than three lakh general trade shops selling mobile phones in the country, and they are spread out in every nook and corner of India. Sofyx will enable a significant number of these stores by partnering with them as their single point technology partner.”
Sofyx claims that their team leverages to build customised products based on the understanding of the concerns faced by general trades in the country.