Essar Steel eyes $100 million revenue in first year via online marketplace

MUMBAI: EHypermart, new online marketplace for steel and related products started by Ruia-controlled Essar Steel on Thursday, is targetting a revenue of $100 million in the first full year of operations.

Essar Steel is also targetting 30% of Essar Hypermart's sales to come from the online marketplace, the company said in a statement. EHypermart is an extension of Essar Steel’s retail venture, Essar Hypermart, to enable its customers to buy steel online, it said.

EHypermart has already registered over 3,000 online anchor customers. It will soon launch a mobile app for the convenience of its customers, the statement said. It expects to enroll 1,000 vendors by the end of current fiscal.

"We have always believed that steel demand can grow only when steel becomes easily accessible. It has been our endeavour to make steel easily accessible to user segments irrespective of their geographic location," said Firdose Vandrevala, Executive Vice Chairman at Essar Steel India.

EHypermart has introduced nine products that include steel, steel products, material handling equipment, industrial paints, generators, cutting tools, steel furniture, TMT bars, angles & channels, and power cables.