Phygicart.com, the UAE-based e-commerce-cum-direct marketing firm promoted by leading jeweller Boby Chemmanur, Chairman & MD of Chemmanur International Jewellers, is entering the burgeoning Indian e-commerce space with an investment of Rs 100 crore in the first phase, after the innovative model made a head-start in the Gulf country before two years.

The India foray is a part of Phygicart’s plans to expand operational footprint across 7 countries by 2022, including the US and Nepal, and to rake in $1 billion in turnover.

Phygicart was started by entrepreneurs Anish K. Joy and Jolly Antony in 2016 from Dubai, and the firm now has more than 20,000 partner stores across all the seven Emirates. In India, the firm is being promoted by Kerala-based jeweller Boby Chemmanur.

The Rs.100 crore would be invested by Boby Chemmanur, Chairman and Managing Director of diversified Rs.4,000-crore Boby Chemmanur International group. The group runs 44 jewellery showrooms globally under its flagship brand Boby Chemmannur International Jewellers.

The investment would be used to make our own products for which we are planning to set up an assembling unit in Ahmedabad, build our brand and enter into tie-ups with other brands. We are also in various stages of discussions to takeover certain other brands. The model enables an individual to become a consumer and also a partner simultaneously, while we would be also sharing the profits with our partners. The initiative is also to provide an opportunity to small and medium enterprises (SMEs) who come up with innovative products,” Joy, who is also Phygicart’s Chief Operating Officer.

“The major drawback of e-commerce business is that it cannot establish a direct personal rapport with customers. We have rectified this,” Boby Chemmanur said, adding that Phygicart.com will distribute about 60 per cent of its total profits to partner store owners who join by logging in tophygicart.com

Phygicart is a marketplace that connects both e-commerce and direct marketing on a single platform. A customer starts his relationship with the company by logging onto the firm’s website and ordering its products. The company’s more than 5,000 products range from electronics to cosmetics, food to wellness and dress materials among others.