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weXSTOK is an online portal in India, based out of Mumbai, with a dynamic pricing business model for the B2B Textile marketplaces.[1] The platform facilitates buying and selling of ready and excess goods in the textile industry, via its e-commerce mobile-first interface.[2][3][4]
| Company type | Privately held company |
|---|---|
| Industry | Textile |
| Founded | 2015 |
| Founder | Sanjiv Khandelwal, Mihir Shah |
| Headquarters | , |
| Services | B2B Online marketplace |
| Website | www |
History
editXSTOK was founded by Sanjiv Khandelwal and Mihir Shah. Prior to XSTOK, Khandelwal has worked in the B2B and e-auction segments whereas Shah formerly worked with Intel and Bank of America Merrill Lynch. Providing the buyers and sellers with a marketplace for curated, hard-to-find and surplus stocks of fabrics, home textiles, apparels and yarns, at transparent prices, direct from the mills, at a click of a button, is the main concept behind the business.[5][6][7][8]
XSTOK was launched in 2015 as a mobile dynamic pricing marketplace, which received six hundred registrations overnight with its inception. This was first of its kind online auction based platform for the textile market.[9] The business was conceived with the idea of making the textile trade more digitalized and making the mobile trade possible, for all size of businesses.[10][11] It does not sell any products directly, but instead allows third party sellers to sell their products for an initial registration fee and a transaction fee on each successful transaction.[12][13] Brands including Arvind Mills, Bombay Dyeing, Welspun, Donear, Grasim, Nahar Industries, Banswara, Trident, Mafatlal, BVM Sintex and Indo Count, to name a few, have associated themselves with XSTOK. According to a news article in The Economic Times, within six months of its launch, over 5,000 buyers had registered on the portal and over 150 suppliers had their textile products listed on this portal.[14][15] The company later reported to have queries from East African countries and gained attention with its first round of funding from a group of marquis investors.[16] The business also has a web presence, but the founders promoted the company primarily as a specialized mobile-first marketplace, with their apps for Android and iOS.[17][18]
Funding
editThe company received 3 crore in seed funding to expand its market.[19] The seed round was backed by investors, including Private Angel Investors, Anupam Mittal, Jeetu Panjabi, Manish Chokshi, Vineet Suchanti, Oliphans Capital[20] and a group of professionals heading consulting, stock broking and logistics companies.[21][22][23][24][25]
References
edit- ^ Taslima Khan (11 March 2016). "XSTOK plans to capture 10% market share in next 2-3 years". Economic Times. Archived from the original on April 2, 2016. Retrieved 19 May 2016.
- ^ Anand J & Shalina Pillai (8 May 2016). "The wholesale mandi has gone online". The Times Of India. Retrieved 19 May 2016.
- ^ Shita Russell (18 September 2015). "Indian B2B online marketplace XSTOK bags US$455K funding". 27. Retrieved 19 May 2016.
- ^ "XSTOK, B2B-based fully transactional marketplace for textile industry". Indian Textile Magazine. 28 July 2015. Retrieved 19 May 2016.
- ^ "Xstok looks to break-even this fiscal, ramp up presence". India Today. March 27, 2016. Retrieved 19 May 2016.
- ^ "The Idea". Newborn Startups. Retrieved 19 May 2016.
- ^ "XSTOK launches Sample Express". India Infoline. 27 March 2016. Retrieved 19 May 2016.
- ^ "India: Restitching Surplus Stock: Online B2B platform XSTOK auctions surplus textiles to small dealers, garment makers". All of textiles. Retrieved 19 May 2016.
- ^ "Textile retailer XSTOK.com to start 'XSTOK B2B Badla Business' Roadshow". Apparel Resources. 9 February 2016. Retrieved 19 May 2016.
- ^ "XSTOK A revolutionary marketplace for the textile industry launched". Yarns and Fibers. 6 November 2015. Retrieved 19 May 2016.
- ^ "Xstok Looks To Break-Even This Fiscal". Indian Apparel. 28 March 2016. Retrieved 19 May 2016.
- ^ "XSTOK.com, a B2B Online Marketplace, Announces the Launch of its 'B2B- Badla Business- Kya aap badle?', Offline Engagement Program for the Textile Stalwarts". Business Wire India. 9 February 2016. Retrieved 19 May 2016.
- ^ "XSTOK announces pre-launch of www.xstok.com". 2016-06-10. Archived from the original on 10 June 2016. Retrieved 2022-02-09.
- ^ "Xstok.com completes 300 auctions to sell surplus textile goods". The Hindu Business Line. 17 February 2016. Retrieved 19 May 2016.
- ^ "Leading textiles mills join online sale of extra stocks". Business Standard. 22 February 2016. Retrieved 19 May 2016.
- ^ "XSTOK.com, a B2B Online Marketplace, Announces the Launch of its 'B2B- Badla Business- Kya aap badle?', Offline Engagement Program for the Textile Stalwarts". telegraph India. 9 February 2016. Retrieved 19 May 2016.
- ^ "XSTOK raises Rs 3 cr from Oilphans Capital, others". Business Standard. 17 September 2015. Retrieved 19 May 2016.
- ^ "Xstok looks to break-even this fiscal, ramp up presence". Zee News. 27 March 2016. Retrieved 19 May 2016.
- ^ Akanksha Pahwa (17 September 2015). "Inc 42". B2B Mobile Only Auction Platform For Textiles, XSTOK, Raises $450 K From Oliphans Capital. Retrieved 19 May 2016.
- ^ "Online auction platform XSTOK raises Rs 3 crore in early-stage fund from Oliphans Capital". Economic Times. 17 September 2015. Archived from the original on October 4, 2015. Retrieved 19 May 2016.
- ^ Sriram Sharma (18 September 2015). "India Funding Roundup: Bueno, Plabro, WedMeGood, XSTOK, Briston Technomach". Gadgets 360. Retrieved 19 May 2016.
- ^ Disha Sharma (17 September 2015). "B2B auction site for textiles XSTOK raises $452K". VCCircle. Retrieved 19 May 2016.
- ^ Jeet Suthar. "Textile Auction Platform XSTOK Secures $450K From Oliphans Capital". The Tech Portal. Retrieved 19 May 2016.
- ^ Shivangi Singh (21 September 2015). "Funding roundup: Briston Technomach, XSTOK & Bueno". Media Nama. Retrieved 19 May 2016.
- ^ Shweta Singh (18 September 2015). "B2B Marketplace XSTOK set to leverage on potential, raises funds". Indianonlineseller.com. Retrieved 19 May 2016.