Yibeal Tradex Private Limited's Profile

Yibeal Tradex Private Limited

Business Category: Marketplace

Founding Year: 2016

Startup Stage: Revenue Generation

Support Required: Funding Mentoring Office Space Others

Fund requirement (): 20000000

Structure of the Company: PVT Ltd.

Website: www.yibeal.com



Executive Summary: Yibeal platform lets a user Buy/ Sell/ Exchange pre-owned mobile phones, suggesting the best value, connecting at a hyper-local space with the buyer/ seller. Yibeal has 10 kiosks in Kolkata as of now. The second-hand mobile marketplace is underserved plus fragmented -and transactions via online classifieds can be difficult and unsafe. At the same time, a decline in sales is evident for the brick-&-mortar mobile stores as they are losing new phone business to online retailers. Established phone brands were suffering, as consumers opted to buy cheaper new phones. Yibeal has created a platform letting sellers and buyers leverage an online discovery platform (for broader connect) while transacting offline at local Yibeal centers (ensuring safe transactions and certified phones) in Kolkata. Some of the key features of the platform is that it provides first-of-its-kind warranty and insurance coverage for Pre-owned phones and branding existing mobile retailers' space (and their service engineers) to create a retrofit franchisee ecosystem for Yibeal's offline ops - facilitating faster growth on variable cost mode. Yibeal offers exclusive discounts on new phones to sellers. They offer warranty/insurance to buyers too. Buyers can purchase via cash/e-wallet. Buyers can search for listing and connect to sellers. Yibeal associate runs proprietary tests to certify the phone. Providing the most convenient way for a better pre-owned transacting platform, Yibeal plans to extend its service options both vertically in products and set its foot in the US market in 6 months’ time with David Wang, adviser at Yibeal and esteemed US entrepreneur. Thus quoting themselves as 'Yes it's a big deal' which they acronym 'Yibeal', defining to be the next unicorn in the start-up world.

Market need: As new phones launch faster and data get less expensive, demand for preowned phones is skyrocketing. However, the second-hand mobile marketplace is fragmented - and transactions via online classifieds can be difficult/unsafe. Yibeal provides a viable alternative- letting buyers discover pre-owned phones online, then moving the process offline to a kiosk or direct-to-home for safe and trusted transactions, along with warranty/insurance Most methods of buying pre-owned phones today has significant trust deficit. Yibeal: 1. Letsbuyers discover sellers online, then transact offline at local Yibeal centers or direct-to-home 2. Provides warranty coverage 3. Brands phone retailers' under afranchisee ecosystem– faster/stickier growth on variable cost mode Yibeal solves for trust, convenience and price ? We recognized pre-owned mobiles as one of the fastest growing CE markets ? Mobile phones constitute 22%, the highest share amongst 'for-sale' listings in Classifieds ? Market for pre-owned phones 2016: ? $1.7 billion in India ? $14 billion across the globe Inspite of this, we found the following problems in the current structure: ? Trust deficit - The second-hand mobile marketplace is underserved plus fragmented – and transactions via online classifieds can be difficult and unsafe ? Inconvenient - At the same time, we saw declining sales across the board for brick-&-mortar mobile stores as they lost the new phones business to online retailers ? Price sensitive - Established phone brands were suffering, as consumers opted to buy cheaper new phones to offset the cost of a shrinking purchase cycle We saw an opportunity to solve for all three, by bringing them together! We decided to retain the classic online discovery model– for broader and more efficient reach. We moved the meeting point offline to a safe, neutral location; and added home pick up and delivery as premium options. We built a standardized, super-fast and easily scalable process to evaluate and certify preowned phones. We created industry-first warranty and insurance products for Yibeal certified phones. We partnered with leading brands to incentivize the seller to buy a new phone, once he sells his old one on Yibeal. India is on a cashless economy movement with over 1000 crores issued by Government for Digital India Initiative across the Tier II and Tier III regions. Yibeal, is the forerunner oppurtunity to bring the next (People who have never used Internet) 500 million- 1 billion Indians over the internet affordably

Product/Service description: Yibeal solves for trust, convenience and price ? We recognized pre-owned mobiles as one of the fastest growing CE markets ? Mobile phones constitute 22%, the highest share amongst 'for-sale' listings in Classifieds ? Market for pre-owned phones 2016: ? $1.7 billion in India ? $14 billion across the globe Inspite of this, we found the following problems in the current structure: ? Trust deficit - The second-hand mobile marketplace is underserved plus fragmented – and transactions via online classifieds can be difficult and unsafe ? Inconvenient - At the same time, we saw declining sales across the board for brick-&-mortar mobile stores as they lost the new phones business to online retailers ? Price sensitive - Established phone brands were suffering, as consumers opted to buy cheaper new phones to offset the cost of a shrinking purchase cycle We saw an opportunity to solve for all three, by bringing them together! We decided to retain the classic online discovery model– for broader and more efficient reach. We moved the meeting point offline to a safe, neutral location; and added home pick up and delivery as premium options. We built a standardized, super-fast and easily scalable process to evaluate and certify preowned phones. We created industry-first warranty and insurance products for Yibeal certified phones. We partnered with leading brands to incentivize the seller to buy a new phone, once he sells his old one on Yibeal. Business Model: #1. Sellers list used smartphones on Yibealapp;buyers search listings #2. App sets appointment for buyer/seller at nearby Yibeal Center, or offers premium direct-to-home delivery #3. Yibeal Associate runs proprietary tests to certify phone #4. Buyer purchases via cash/e-wallet/cards #5. Yibeal offers warranty/insurance/discounts Revenue Model: #1. Transaction fees #2. Margin on warranty/insurance #3. Premium for home delivery #4. Sales commission from new phone sales #5. Yibeal center franchise #6. Advertisements and App installs

Customers/Users: We started up in January 2016. Tested with alpha users (10 user listings and 5 offline Yibeal centers) in May 2016. Launched MVP in June 2016, across 100 people willing to try it and give us feedback. Within 60 days, we grew to 10,000 listings and 20 lakh in revenue, all based on word of mouth and organic online engagement. Closed 2.5cr worth B2B deals. All users pay transaction fees to use the platform. Current C2C revenue ~ 2.5 lakh/ month. Current booked B2B revenue ~ 2.5 crore. Current burn rate 4 lakh/month.

Revenue Model: Revenue Model: #1. Transaction fees #2. Margin on warranty/insurance #3. Premium for home delivery #4. Sales commission from new phone sales #5. Yibeal center franchise #6. Advertisements and App installs

Current traction: We started up in January 2016. Tested with alpha users (10 user listings and 5 offline Yibeal centers) in May 2016. Launched MVP in June 2016, across 100 people willing to try it and give us feedback. Within 60 days, we grew to 10,000 listings and 20 lakh in revenue, all based on word of mouth and organic online engagement. Closed 2.5cr worth B2B deals. All users pay transaction fees to use the platform. Current C2C revenue ~ 2 lakh/ month. Current booked B2B revenue ~ 2.5 crore. Current burn rate 4 lakh/month.


Promoters' Information

SATANIK ROY

Innovation and Entrepreneurship - Stanford University

Dipanjan Purkayastha

MBA - S.P.Jain

Dwijadas Chatterjee

CA - Calcutta University

Asish Chakraborty

M.Tech - BITS Pilani - Dropout

Asish Chakraborty

M.Tech - BITS Pilani - Dropout


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