Sofyx is backed by a team of seasoned professionals that bring deep experience in mobility business, fintech, CRM, and sales/marketing.
Sanjay Kaul, former Country Manager – Apple India, announced the launch of an exciting startup – Sofyx, a social commerce platform for general traders dealing in smartphones and accessories. Once celebrated for building two key smartphone businesses from scratch, Kaul is now dedicating himself to making technology accessible & affordable for small retailers.
To help achieve the vision, Kaul is supported by his Co-founder Mukesh Kachroo, former Chief Technology Officer – Gain Capital Group, USA, ending a 16-year-long tenure with the company. Mukesh had joined GAIN in its early formative years as a start-up and saw it through public IPO to being the No. 1 FX firm in the US.
During his days at BlackBerry & Apple, Kaul observed and identified various challenges in the unorganised retail that constitutes 93% of the total retail business in India. Although a significant contributor to the country’s economy, the unorganized General Trade sector in India has been disconnected from the digital ecosystem. With the smartphone industry growing at a double digit rate, Sofyx bridges the gap and brings together the mobile reseller community along with other stakeholders like telecom operators, device manufacturers, distributors, and other vendors on a single platform. To put things in context, in 2018 140M smartphones were sold in India with just over half of those selling from general trade retailers.
The platform enables business networking, engagement, real-time feedback, and community building amongst the stakeholders. Besides, it helps drive business transactions between various partners. Sofyx also streamlines and digitizes in-store operations, buying, as well as customer interactions. One of the key goals for the company is to improve customer retention and drive footfall to these small retailers. With this intent, the company is launching its services with top smartphone selling shops in Delhi NCR. These shops contribute to over Rs. 2000 crore in smartphone revenue per year.
According to Kaul, while larger businesses may be positioned well to plug into a rapidly evolving digital India, smaller businesses still lag behind. “I firmly believe we can transform these small stores into a significant channel that brands, distributors and customers would love to engage with.” he says.