Organization Details
Kazi Akib Annaf
House-11, Road-5, Block-F, Banani-1213, Dhaka, BanglaDESH
Bangladesh
Dhalka
A technology platform where retailers can buy products directly at a cheaper price from the sellers and pay for it later.
What is the current status of the problem?
There are about 5.1 M small-mid sized sellers (producers/manufactures/importers) and small retailers in the market. About 80% of the sellers don’t have direct access to the national retail network, they utilize layers of intermediaries to reach out to retailers. On the demand-side of the market about 70% of the retailers don’t have ac- cess to cheaper finance. They always need capital to run their businesses which they access mostly from more expensive sources.
How does Cye aim to solve it?
Cye wants to enable sellers to get a direct access to retail- ers i.e. by passing layers of intermediaries using the platform where retailers can buy products in a cheaper way and pay for the prices later. It transforms the way they do business currently.
Who are our users?
Cye wants to target users from tie2 cities who are using smartphones. Sellers with an avg. monthly sales volume of $30K to $40K and retailers with an avg. monthly purchase of $2.5K to $3K worth of commodities i.e. special focus to soft commodities.
What is our product?
We have an android application which is all-in-one for both sellers and retailers. It has a simple 3-step process for sign-up. 1. download it from the play-store 2. fill out simple info and get started.
Business model:-
We charge commission to the sellers at an avg. range from .20% to 3% on every transaction. Retailers pay at an avg. of $ 0.59 for last mile delivery charge on every transaction. Also they pay at an avg. of $ 0.20 per Trxn. for increased access to cheaper finance.
What is the Go-to Market ?
15 tier 2 cities for next 12-months with a value proposition to the retailers “get the cheapest deals from the sellers directly by joining/forming groups and pay for it later” to acquire new 64K users we need to reach out to them leveraging both digital and non digital platforms through collaborative partnerships with telcos. MFS. Banks/FI, Trade bodies, 3PL logistics & fulfilment partners which can deliver an easy & simple use case for the users.
14-12-2020
Leadership
Golam Anjumanarul Islam
15/08/1975
22
Sakib Raihan, CTO & Kazi Akib Annaf, CBO
Solution Details
What is the current status of the problem?
There are about 5.1 M small-mid sized sellers (producers/manufactures/importers) and small retailers in the market. About 80% of the sellers don’t have direct access to the national retail network, they utilize layers of intermediaries to reach out to retailers. On the demand-side of the market about 70% of the retailers don’t have ac- cess to cheaper finance. They always need capital to run their businesses which they access mostly from more expensive sources.
How does Cye aim to solve it?
Cye wants to enable sellers to get direct access to retailers i.e. bypassing layers of intermediaries using the platform where retailers can buy products in a cheaper way and pay for the prices later. It transforms the way they do business currently.
Location
Competition has very limited operation in those areas that enables fast-mover advantage. Moreover, selected locations are the biggest production HUB of the economy.
Collaborative
Instead of building the infra, Cye aims to leverage from existing infra where investment & risk is diversified and experience is shared.
Pricing
Pricing is determined by the user’s participation making the model more flexible and competitive for all.
No inventory model
This mitigates the risk of the degree of variation (prices) Furthermore, it is asset-light and faster to scale.
Business Model
Revenue is focused to the value creation of the users rather than sales.
Team
Co-founders have earned their experiences working at the very early stages with some of the finest technology companies which turned out to be the biggest brands of the country.
Cye wants to target users from tie2 cities who are using smartphones. Sellers with an avg. monthly sales volume of $30K to $40K and retailers with an avg. monthly pur- chase of $2.5K to $3K worth of commodities i.e. special focus on soft commodities
Tier 2 Cities, particularly in the northern and southern parts of Bangladesh
Barriers to entry
Although the market has enormous potential, however there are some fundamental barriers. Some of them are stated below considering the initial traction.
· About 30% of the users don’t use smartphones during their business operations and this count is likely to increase
· Capacity of using technology on a regular basis on their own
· Lack of interest in using data services
· Intent of not sharing crucial information and reluctance of giving those inputs
· Fear of taxation
User Registration
User Activity
GMV of transactions done through the platform
Amount of BNPL availed by retailers
Startup Milestones
Contact Info
+8801715023215
Dhaka, Bangladesh
