O2O Grocery Platform Kirana11 Re-brands to Avenue11 to Become A Virtual Shopping Street

Kirana11, a Bengaluru-based online-to-offline (O2O) grocery platform, has changed to Avenue11 to reposition itself in the e-grocery segment. As an O2O marketing platform, Kirana11 leveraged the offline presence of local stores in an area to serve customers better while reducing the delivery cost at the same time. As Avenue11, the startup aspires to deliver a better O2O experience to consumers by temporarily shifting away from tie-ups with local stores.

“Transition from Kirana11 to Avenue11 is a strategic rebranding move that represents our shift from a hyperlocal model to an inventory based model that will also allow us to offer premium products to consumers," says Nakkyun Chong, CEO of Avenue11.

Avenue11 is an e-grocery platform which aims at redefining the grocery space in the Indian market. Founded by Korean expat and serial entrepreneur Nakkyun Chong, Avenue11 is owned by Planet11 E-commerce Solutions India Pvt. Ltd. Currently operational only in select parts of Bengaluru, Avenue 11 claims to have a monthly GMV of INR 2 Crores. As of today, the company is reported to have raised funds amounting to $9 million from various South-Asian investors.

Kirana11 to Avenue11:

As Kirana11, the company was helping kirana stores connect with the digital community. Over the last year of its operation, the company realized that not all local stores are ready to cater to online consumers today. They aren't willing to invest in technology and in improving customer service quality - keys to an excellent consumer-experience. The company has now decided to first build a strong base of online consumers before approaching select kirana stores. The strategy will help in increasing market share and strengthening Avenue11’s brand recognition among consumers and businesses alike.

Avenue11 provides doorstep delivery of a wide range of products from world-renowned brands. Kirana11’s makeover to Avenue11 will make the grocery shopping experience more exciting and hassle-free for its customers. Avenue11 has a user-friendly interface, offers a variety of payment options and allows customers to choose convenient delivery slots.

The e-grocery market in India:

The online market for grocery and food items is becoming one of the fastest-growing segments in India. As per reports, only around 2 million people in India are currently using e-grocery platforms. The compound annual growth rate is expected to have a 141% growth by the year 2020 according to a report by Morgan Stanley. Market leaders, like Big Basket, and Grofers are tapping the growing potential of the segment with their entry into Tier II and Tier III cities.

Targeting Bengaluru first, Avenue11 plans to expand its online as well as the offline presence in the food and grocery segment. Avenue11’s future strategy is to establish a unique O2O, Online-to-offline, model. The online orders will be serviced by offline partner stores which will help cut down the current logistic cost to almost half. To cater to the continuous customer demand, Avenue11 will associate only with local stores that meet key criteria such as floor space and number of stock keeping units sold.

Avenue11 is continuously innovating to enhance their customers’ shopping experience. The Avenue11 app comes with exciting features and experimental discount methods. The company is ready to operate through an omnichannel system and is ready to launch around 100 offline stores of Avenue11 in the near future. Avenue11 also plans to bring the quality and infrastructure of Korean standards to the Indian grocery shoppers.

Formerly named as Kirana11, Avenue11 is an O2O grocery platform. It has a total backing of $9 million from various angel & institutional investors from India & abroad. Avenue11 sells high-quality fresh produce and grocery to online customers, while its B2B arm supplies fruits and vegetables to merchants and institutions. Currently operational only in Bengaluru, Avenue11 already has a pool of about 60,000 customers. For more information, please visit, https://www.avenue11.com

Nakkyun Chong is the founder and CEO of Planet11 eCommerce Solutions, the parent company of Avenue11. Mr.Chong, a Korean expat, has around 28 years of global experience in e-commerce and telecom industry. He is a serial entrepreneur and has founded 8 companies with a total investment of nearly USD 1 billion. With his South Korean expertise in e-Grocery shopping, Mr. Chong aims to redefine the Indian way of grocery shopping.

Bengaluru based O2O Grocery Startup Avenue11 Raises Rs.26 Cr from Brand Capital

Avenue11, Bengaluru based O2O grocery company has raised INR 26 Cr from Brand Capital, the strategic investment arm of the Times Group. This investment by Brand Capital will be deployed for geographical expansion of the business and to increase its brand presence.

Founded by Korean expat Nakkyun Chong, Avenue11 currently serves south and east Bengaluru, with a customer base of 35,000 people, and a monthly GMV of Rs. 90 lakhs. With the current financial projections and the BCCL partnership, Avenue11 is poised to achieve a GMV of 17 crores in 2018.

So far, Mr. Chong has been largely successful in making customer experience unique while providing best in grocery and allied needs. In less than a year, he has driven a 54% increase in B2C Gross Merchandise Volume (month-over-month in 2018) and an impressive45% growth in revenue. An architect by education, Mr. Chong indeed has a grand vision to take the Indian F&G industry to the next level.

In the words of Mr. Chong, “I started this company with a vision to redefine the way Indians do their grocery shopping. The partnership with the Times Group is a step forward in that direction. Investment from such a noteworthy institution is a sign of trust and belief in our business format.”

With a lot of big players entering the grocery market, this strategic partnership with Brand Capital can be a game changer for Avenue11. This investment will have a positive impact on the strong positioning of Avenue11.

Planet11 eCommerce Solutions, the parent company of Avenue11 was founded by Nakkyun Chong in 2016 with a vision to redefine the online grocery market in India. Mr. Chong, a South Korean national has over 28 years of international experience in the eCommerce and telecommunication industry. He has worked with SK Planet and set up companies like “11 Street” in Korea which is a leading open market player along with “N11”, which is the No.1 open market platform in Turkey. He started Planet11 with a small team of people, spending hours doing market research to understand the Indian consumer behavior. Today, the team consists of 200 passionate people, all with a vision to make grocery shopping more exciting.

Avenue11’s strategy is to soon establish a unique O2O (Online-to-offline) model –where online orders are serviced by offline partner stores, thereby halving the cost of logistics.

Currently, Avenue11 sells high-quality fresh produce and grocery to online customers, while the B2B arm of the company supplies fruits and vegetables to merchants and institutions.

The e-grocery platform has raised a total funding of $8 million till date from various investors across South-East Asia.