New Delhi, April 5: Free fall of dot com stocks on Tuesday will not affect the investment plans of Jaldi E-commerce Ltd, promoters of the B2C retail portal which is firming up resources through private placement. "We are a dot com company with a long-term vision and are not here to make a fast buck through valuations." company director Kumud Goel told UNI here on Wednesday. Jaldi E-commerce, a KL Systel Group firm, has mandated J M Morgan Stanley for raising Rs 20 crore through private placement after which promoters' stake would come down. Jaldi E-commerce has promoted the online and finance portal jaldi.Com at an initial investment of Rs 5 crore coming from KLG Systel-Software Development house and Satin Leasing. While KL Systel holds 48 per cent equity, Satin leasing owns 42 per cent with 12 per cent being with others. The B2C site which was commercially launched on January 13, has already done transactions online worth Rs 75 lakh. The merchandise sold included white goods, apparels, provisions. "While the provisions have contributed more in number sales, value has come from television sales."
From April 16, 2000, jaldi.Com will be able to provide services in 30 major cities in the country. The delivery will be through a tie-up with Gati Express. Goel said, he has not created jaldi.Com to be sold off at dream valuations. The promoters would continue to build the brand and push for more online business through tie-up with about 50 manufacturers and vendors of merchandise.
The company has employed 40 staff in its development centre in Gurgaon, 20 of whom are content-writers. Besides, jaldi.Com is also leveraging the experience of satin, one of the promoters, in consumer financing.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.