Digital Mall of Asia (DMA), an e-commerce platform that seeks to offer immersive shopping experiences to consumers, has raised Rs 22 crore ($3.06 million at current exchange rates) in funding from real estate investor Satish Jain through his company Amour Infrastructure Pvt. Ltd, according to reports.
DMA, operated by Yokeasia Malls Pvt. Ltd, will use the funds on product development and branding initiatives, The Economic Times reported.
DMA managing director and chief executive officer Rishabh Mehra said the company was operating a one-of-a-kind concept. This is the first time such a unique portal is being launched in India, Mehra said, according to Mint.
VCCircle has reached out to DMA for details on the investment and will update this report accordingly.
According to its website, DMA aims to introduce the concept of digital malls that will bring together online and offline elements. Each city will have a different layout of stores despite all locations being on the same platform.
Sellers and others can buy shops from Rs 10 lakh onwards. Vendors can also rent a shop from Rs 10,000 a month. However, they should have an offline presence in their desired location to integrate their stores to their e-shop.
DMA says it follows a zero-commission marketplace model that will give it an edge over established e-commerce players, and that the offline presence of vendors of its platform will ensure timely deliveries of products and help prevent the sale of counterfeit goods.
As per its website, the company wants to open platform storefronts in the National Capital Region, Mumbai, Bengaluru, Coimbatore, Ahmedabad and Lucknow. It is also seeking a presence in countries such as China, South Korea, Japan, Singapore and Malaysia.