XSTOK

Last updated
XSTOK
Type Privately held company
Industry Textile
Founded2015
FounderSanjiv Khandelwal, Mihir Shah
Headquarters
Mumbai
,
India
Services B2B Online marketplace
Website www.xstok.com

weXSTOK is an online portal in India, based out of Mumbai, with a dynamic pricing business model for the B2B Textile marketplaces. [1] The platform facilitates buying and selling of ready and excess goods in the textile industry, via its e-commerce mobile-first interface. [2] [3] [4]

Contents

History

XSTOK was founded by Sanjiv Khandelwal and Mihir Shah. Prior to XSTOK, Khandelwal has worked in the B2B and e-auction segments whereas Shah formerly worked with Intel and Bank of America Merrill Lynch. Providing the buyers and sellers with a marketplace for curated, hard-to-find and surplus stocks of fabrics, home textiles, apparels and yarns, at transparent prices, direct from the mills, at a click of a button, is the main concept behind the business. [5] [6] [7] [8]

XSTOK was launched in 2015 as a mobile dynamic pricing marketplace, which received six hundred registrations overnight with its inception. This was first of its kind online auction based platform for the textile market. [9] The business was conceived with the idea of making the textile trade more digitalized and making the mobile trade possible, for all size of businesses. [10] [11] It does not sell any products directly, but instead allows third party sellers to sell their products for an initial registration fee and a transaction fee on each successful transaction. [12] [13] Brands including Arvind Mills, Bombay Dyeing, Welspun, Donear, Grasim, Nahar Industries, Banswara, Trident, Mafatlal, BVM Sintex and Indo Count, to name a few, have associated themselves with XSTOK. According to a news article in The Economic Times , within six months of its launch, over 5,000 buyers had registered on the portal and over 150 suppliers had their textile products listed on this portal. [14] [15] The company later reported to have queries from East African countries and gained attention with its first round of funding from a group of marquis investors. [16] The business also has a web presence, but the founders promoted the company primarily as a specialized mobile-first marketplace, with their apps for Android and iOS. [17] [18]

Funding

The company received 3 crore in seed funding to expand its market. [19] The seed round was backed by investors, including Private Angel Investors, Anupam Mittal, Jeetu Panjabi, Manish Chokshi, Vineet Suchanti, Oliphans Capital [20] and a group of professionals heading consulting, stock broking and logistics companies. [21] [22] [23] [24] [25]

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References

  1. ↑ Taslima Khan (11 March 2016). "XSTOK plans to capture 10% market share in next 2-3 years". Economic Times . Retrieved 19 May 2016.
  2. ↑ Anand J & Shalina Pillai (8 May 2016). "The wholesale mandi has gone online". The Times Of India . Retrieved 19 May 2016.
  3. ↑ Shita Russell (18 September 2015). "Indian B2B online marketplace XSTOK bags US$455K funding". 27. Retrieved 19 May 2016.
  4. ↑ "XSTOK, B2B-based fully transactional marketplace for textile industry". Indian Textile Magazine. 28 July 2015. Retrieved 19 May 2016.
  5. ↑ "Xstok looks to break-even this fiscal, ramp up presence". India Today. March 27, 2016. Retrieved 19 May 2016.
  6. ↑ "The Idea". Newborn Startups. Retrieved 19 May 2016.
  7. ↑ "XSTOK launches Sample Express". India Infoline. 27 March 2016. Retrieved 19 May 2016.
  8. ↑ "India: Restitching Surplus Stock: Online B2B platform XSTOK auctions surplus textiles to small dealers, garment makers". All of textiles. Retrieved 19 May 2016.
  9. ↑ "Textile retailer XSTOK.com to start 'XSTOK B2B Badla Business' Roadshow". Apparel Resources. 9 February 2016. Retrieved 19 May 2016.
  10. ↑ "XSTOK A revolutionary marketplace for the textile industry launched". Yarns and Fibers. 6 November 2015. Retrieved 19 May 2016.
  11. ↑ "Xstok Looks To Break-Even This Fiscal". Indian Apparel. 28 March 2016. Retrieved 19 May 2016.
  12. ↑ "XSTOK.com, a B2B Online Marketplace, Announces the Launch of its 'B2B- Badla Business- Kya aap badle?', Offline Engagement Program for the Textile Stalwarts". Business Wire India. 9 February 2016. Retrieved 19 May 2016.
  13. ↑ "XSTOK announces pre-launch of www.xstok.com". 2016-06-10. Archived from the original on 10 June 2016. Retrieved 2022-02-09.
  14. ↑ "Xstok.com completes 300 auctions to sell surplus textile goods". The Hindu Business Line. 17 February 2016. Retrieved 19 May 2016.
  15. ↑ "Leading textiles mills join online sale of extra stocks". Business Standard. 22 February 2016. Retrieved 19 May 2016.
  16. ↑ "XSTOK.com, a B2B Online Marketplace, Announces the Launch of its 'B2B- Badla Business- Kya aap badle?', Offline Engagement Program for the Textile Stalwarts". telegraph India. 9 February 2016. Retrieved 19 May 2016.
  17. ↑ "XSTOK raises Rs 3 cr from Oilphans Capital, others". Business Standard. 17 September 2015. Retrieved 19 May 2016.
  18. ↑ "Xstok looks to break-even this fiscal, ramp up presence". Zee News. 27 March 2016. Retrieved 19 May 2016.
  19. ↑ Akanksha Pahwa (17 September 2015). "Inc 42". B2B Mobile Only Auction Platform For Textiles, XSTOK, Raises $450 K From Oliphans Capital. Retrieved 19 May 2016.
  20. ↑ "Online auction platform XSTOK raises Rs 3 crore in early-stage fund from Oliphans Capital". Economic Times. 17 September 2015. Retrieved 19 May 2016.
  21. ↑ Sriram Sharma (18 September 2015). "India Funding Roundup: Bueno, Plabro, WedMeGood, XSTOK, Briston Technomach". Gadgets 360. Retrieved 19 May 2016.
  22. ↑ Disha Sharma (17 September 2015). "B2B auction site for textiles XSTOK raises $452K". VCCircle . Retrieved 19 May 2016.
  23. ↑ Jeet Suthar. "Textile Auction Platform XSTOK Secures $450K From Oliphans Capital". The Tech Portal. Retrieved 19 May 2016.
  24. ↑ Shivangi Singh (21 September 2015). "Funding roundup: Briston Technomach, XSTOK & Bueno". Media Nama. Retrieved 19 May 2016.
  25. ↑ Shweta Singh (18 September 2015). "B2B Marketplace XSTOK set to leverage on potential, raises funds". Indianonlineseller.com. Retrieved 19 May 2016.
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