Arun Gupta, a technology veteran turned first generation serial entrepreneur, with 25+ years of experience and multiple patents to his credit, founded MoMagic in the year 2011. Presently operating in 6 markets in Asia, MoMagic has done successful app installations to the tune of 400 million out of which approx 150 million are transacting users and has a significant share of the online and offline distribution of mobile apps /content in India.
MoMagic with strategic investments by MediaTek and Foxconn, has been consistently innovating-developing own products, applications services to cater to mobile users of every segment and is set for aggressive expansion.
Started from the software differentiation business for mobile handset companies, MoMagic has successfully transitioned to data-driven online user acquisition marketing platform with technological prowess.
Under Gupta’s visionary leadership, MoMagic has achieved a significant market share of the Mobile Internet market in India, within a short span of 5+ years. His expansive experience and profound knowledge base in product development and mobile technology ensure that MoMagic offers a business edge to its partners.
MoMagic is a leading Online and Offline mobile digital marketing company based on data driven technology to help their business partners, e-commerce and content players to acquire quality users and drive effective revenue growth. The Company has a 360-degree approach to gather user-insight; understand and predict user behaviour with 24/7 constant optimization on user acquisition and boosting business revenue.
Powered by big data technology towards AI marketing capability, MoMagic has become a key online user acquisition solution expert and made a mark in the digital marketing segment with a reputed clientele that includes names like Flipkart, MakeMytrip, Uber, OLX and Opera and the recent one in news – Super Boxing league.
The strong business presence in Asian Market along with Strategic tie-ups with multiple mobile OEMs, MoMagic started joint venture companies with Leading OEMs.
Apart from this, the firm has backed Delhi based, mChamp Entertainments. It has invested Rs 5 crore in a seed funding round. It has also invested $1 million in Lucknow-based education startup EduAce Services in a seed funding round.
The Delhi-based company has recently launched Pickaboo, an e-commerce portal in Bangladesh. IndianWeb2 interacted with Gupta to know more about Pickaboo, its expansion plans and their vision and mission. Here is the excerpt from the interview.
Pickaboo is promoted by MoMagic Technologies and promoters of Symphony mobile, a Bangladesh-based mobile handset company. MoMagic launched Pickaboo in 2016 Bangladesh. It is a shopping destination wherein you can shop the widest selection of home appliance, smart and feature phones, camera and computing accessories by sitting in your drawing room. They offer free returns and various payment methods including cash on delivery, online payments, swipe on delivery and bKash with affordable price and quality products.
On asking Gupta, why did they choose Bangladesh to launch their product, he says, “E-commerce market in Bangladesh is still evolving and we saw an early mover advantage. We knew the market and business and government dynamics of the region well. We were sure of capitalizing on our strengths and learning’s and become leaders in the market.”
To establish a brand in any other part of the world is not a cake walk. For Gupta and his team, getting right talent pool on board and training them with right skill set was the challenging the task. Apart from this major one, creating the acceptability awareness on e-commerce in the masses, infrastructural and policy challenges, operational hiccups were some other initial roadblocks which they faced. But their determination and focus towards their goal helped them to overcome them with ease.
Currently, Pickaboo has more than 100 people in their team in Dhaka led by COO Shahrear Sattar. “It was initially difficult, as we had to spot the right resources and then train them too. Also, create awareness about online marketing – e-commerce etc. As a team, we have the ability to turn around future potentials into the big businesses,” says Gupta.
According to the company website, Pickaboo.com is a licensed, authorised, and fully protected website which offers safe and secure checkout for all. Their business is licensed and regulated with the sole purpose of your security and convenience. The company claims that users information is 100% safe and secure on their website as well as the payment processing is highly encrypted.
According to a report by Frontera, e-commerce sector in Bangladesh is expected to grow by more than 15% annually through 2017. The number of businesses operating in the e-commerce sector is expected to grow exponentially to more than 61K over the next five years. Currently, annualised volume of e-commerce is estimated at $50 million with seasonality peaks during yearly religious festivals.
According to a media report, there are 50,000 people actively engaged in e-commerce sector with projections of 1,000,000 people being employed in the sector over the next 10 years.
These figures indicate that startup has enormous opportunity to strengthen its foot print in the Bangladesh market. “We are well accepted by the ‘high expectation population’ which typically is seen to have high expectation and demands. Our customer satisfaction is very good and it is indicated by lower return rate and higher returning users,” says Gupta.
On asking Gupta about the competition, he says, “We are currently the only players who own both the back-end as well as the front-end in Bangladesh. So in that sense, there is no competition per se. But yes we have.”
E-commerce sector nowadays is one of the hot topics in the business world. Where Flipkart and Snapdeal deal has become a tug of war in India, Pickaboo is on a ride where they are hoping to accelerate and see tremendous growth in the times to come. In last one year, the startup claims that it has achieved the second position in Bangladesh market with over 20% market share.
“We would like to be at #1 position in Bangladesh market and also achieve $1 billion GMV latest by 2022,” says Gupta.
Currently, Pickaboo.com is looking to raise $10 million as series A. They will use this fund to enhance the technology, build the local market and reach $8~10 million monthly GMV. They are further looking to add other verticals in their current categories. “Currently we are focused on only electronic and planning to expand to other verticals in another 6-8 months,” says Gupta.
Pickaboo current monthly revenue (GMV) is $600k with a gross margin of 5~6%. “We should be doing 8~9 million revenue in 2017. To reach current status we have spent $1.5 million and our current monthly burn is $100K~120K. Our ASP is $100 plus and well accepted by ‘high expectation population’ in Bangladesh,” concludes Gupta.
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