Axiata Digital invests RM64.5mil in India’s StoreKing

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KUALA LUMPUR (June 9): Axiata Digital Services Sdn Bhd, a wholly owned subsidiary of Axiata Group Bhd has invested US$16 million (RM64.5 million) in Indian e-commerce company StoreKing, according to reports carried in the Indian press.

Axiata had established Axiata Digital in 2012 to capture the rapid growth in internet based businesses. From 2012-2015, it has built a portfolio of 24 digital brands, servicing growing demands in mobile money, mobile advertising, e-commerce, entertainment and education.

According to its website, Bengaluru-based StoreKing is a revolutionary platform enabling small town retailers to sell over 50,000 products to walk-in customers without having to invest in working capital stock.

The company leverages the use of modern low cost and low complexity technology, kiosks equipped with low cost television monitors and Android Tablets, to provide a simple self service shopping experience to small-town shoppers.

According to Forbes India, close to about 16,000 retailers are connected on the StoreKing platform across Gujarat, Maharashtra, Goa and the five southern states. 

Forbes India also reported that StoreKing chief executive officer(CEO) Sridhar Gundaiah is now looking at replicating the StoreKing model in SouthEast Asia, and that is a key reason why Axiata Digital has invested in the company.

Axiata Digital CEO Mohd Khairil Abdullah was also quoted by Forbes India as saying that StoreKing is pivotal  in bringing consumers into the digital sphere.

“I am extremely pleased to bring StoreKing into the Axiata Digital Service portfolio of businesses and look forward to their further expansion across all of Axiata footprint,” he was quoted as saying,

India is not unchartered waters for the Axiata Group. The Malaysian telecommunications giant is also a shareholder in Indian telecommunications major Idea Cellular Ltd.

At 11.44 a.m, Axiata shares were up 3 sen (0.53%) to RM5.66, for a market capitalisation of RM50.2 billion.