Indian chain Spencer's has acquired meragrocer.com to move into the ecommerce retailing business.
Spencer's Retail sector head Shashwat Goenka was quoted by The Economic Times as saying: "We are eyeing Rs500 crore gross merchandise value from ecommerce in five years. This will become an omni-channel front for us and we will take it to all markets where Spencer's has stores which will become the warehouses and servicing points."
"The acquisition will help us to break even faster. Loss at Spencer's Retail is already down to Rs2 crore per month in the second quarter as compared to Rs9.5 crore per month five years back."
Meragrocer.com functions in the National Capital Region (NCR) in New Delhi with a gross merchandise value of Rs50m.
Spencer's plans to integrate Omnipresent Retail within its business as soon as the acquisition process is complete. The company hopes to complete the integration process within the next few months.
The hypermarket chain is also considering adding new products to its home supplies, electronics, and apparels categories in its online business. In the near future, the company is expected to be rebranded as Spencer's Retail, Shashank Goenka stated.