Bangalore: Niki, Bharat’s “full stack Ramu Kaka” today announced having witnessed a formidable habit creation in customers, averaging 52 transactions per household in 2020. The company also plans to raise USD 50 million by early 2021.
Strong habit formation in Bharat, a market which has been missing from the mainstream internet economy
Plans to raise USD 50 million, to capture 20% market of the 150 million Bharat households by FY22
Niki, Bharat’s “full stack Ramu Kaka” today announced having witnessed a formidable habit creation in customers, averaging 52 transactions per household in 2020. The company also plans to raise USD 50 million by early 2021. This fund will be deployed towards expanding its market share with the aim to capture 20% of the burgeoning 150 million Bharat household market by FY22.
Over the past 3 years, Niki has already unlocked “Bharat” – a massive USD 108 billion market opportunity – with technology and service stack that builds trust among its customers. Operating on a very clear purpose of “nobody left behind”, in just a few years, Niki has already become Bharat’s household manager that is supported by a local language voice commerce technology stack with a fintech architecture to deliver service & trust at scale. These “made in India” innovations, coupled with an asset-light hub and spoke operating model, has helped Niki’s growth trajectory.
Commenting on this success, Sachin Jaiswal, Co-Founder and CEO of Niki says, “The driving force behind building Niki has been the challenges we witnessed in our lives. Our family members were hesitant to join the digital economy due to several challenges including – language barriers, complicated user experience, and a massive lack of trust. The internet has widened the gap between India and Bharat and we are determined to fix that gap with leaps in technology.”
In today’s digital era , the internet was supposed to be an economic leveler but has led to an unfortunate situation of unequal opportunities. Only the top 5% of the population are using internet services for digital transactions – creating a huge gap between those who can participate in the growing digital economy and those who can’t. Statistics show 90% of internet users are not actively transacting online.
Sachin adds, “Over the past 3 years, Bharat households have shown tremendous trust in Niki, their very own Full Stack Ramu Kaka. Niki has become a habit with 52 transactions per household in a year, in a segment which was missing from the mainstream internet economy. This is the world’s largest consumer growth opportunity right now and we plan to capture 20% of the market by FY22.”