SUMMARY
However, the company did not disclose the financial terms of the transactions
By acquiring Ckart Online, WOGOM will be able to extend its footprint across India, tapping into more than 25 regions with a network of over 8,000 trade partners, and representing more than 25 exclusive brands
Founded in 2021 by Nirav Patel and Ravi Patel, WOGOM connects retailers in remote areas with distributors for sourcing consumer electronics, mobile phones and wearable devices
WOGOM, a cloud-based marketplace for distributors and retailers focused on consumer electronics, has bought Creative Newtech-owned Ckart Online to ramp up its B2B ecommerce space.
However, the company did not disclose the financial terms of the transactions.
“By acquiring Ckart Online, WOGOM will be able to extend its footprint across India, tapping into more than 25 regions with a network of over 8,000 trade partners, and representing more than 25 exclusive brands,” said a statement.
“This move reaffirms our commitment to expanding its presence in the B2B e-commerce market and delivering exceptional value to customers and partners,” said Nirav Patel, founder and CEO and Ravi Patel, co-founder and director of WOGOM, in a joint statement.
It is pertinent to mention here that the acquisition is still subject to regulatory approvals from SEBI as well as customary closing conditions.
Post approval, WOGOM said it will work closely with the Ckart Online team to ensure a seamless transition for all involved stakeholders. Further, the workforce will be retained after the buyout.
Founded in 2021 by Nirav Patel and Ravi Patel, WOGOM connects retailers in remote areas with distributors for sourcing consumer electronics, mobile phones and wearable devices. Currently, the startup operates in Gujarat.
It is pertinent to note that in September last year, the company raised $1.9 Mn in a funding from family offices and a few industry veterans.
WOGOM competes against the likes of IndiaMART, Amazon Business and Udaan in the B2B marketplace.
India’s e-commerce market, which is projected to hit $400 Bn by 2030, experienced a notable contraction in startup funding in 2023.
According to Inc42’s latest “Indian Startup Funding Report 2023”, Indian e-commerce startups raised $2.6 Bn during the year, down 32% from $3.8 Bn raised in 2022.
Meanwhile, the deal count, too, declined 33.6% to 192+ from 288+ a year ago. Overall, the e-commerce funding returned to 2019 levels when the sector raised a total of $2.5 Bn across 130 deals.
