99RetailStreet, a Cloud-based Common Commerce Platform provides services to ‘Kades’, individual pharmacies and other small retailers. The 99RetailStreet solution helps the ‘Unorganised Retail’ to compete on an equal footing with ‘Modern Trade’ (supermarkets) through sales growth, access to and improved financial abilities and increased business efficiencies across the value chain.
By the end of this month, over 300 stores in Sri Lanka will be on the 99RetailStreet platform and this number is expected to increase significantly in coming months, a company spokesman said.
“99RetailStreet has a large growing customer base of unorganised retailers and an Eco-system comprising of Market Leaders across FMCG, pharma, Telco, banking and financial services industry. We have built the ability to address the needs of the Sri Lankan market,” said 99RetailStreet’s founders.
The growth trajectory has been buoyed by a recent investment round that raised US$ 1 million. The round was led by Sri Lanka and Singapore-based venture capital firm BOV Capital.
BOV Capital General Partner Prajeeth Balasubramaniam said, “Our experience in the local eco-system has helped 99RetailStreet not only get the funding they need, it has also aided them in securing a number of valuable client partnerships.” Established to invest in, and work closely with, early-stage ventures in Sri Lanka, BOV Capital funds ventures in the range of US$ 100,000 to US$ 2 million. With a significant amount of local experience, the founders of BOV Capital have invested in over 20 ventures in Sri Lanka over the last five years.