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koshurstore raises series-b from elixor capital at ₹900 million valuation

Srinagar: It all started for 24-year-old Moris Adam when he came home in Srinagar during his college vacations in 2019. He was trying to order a few things from online e-commerce majors like Amazon and Flipkart when he realised that they won’t deliver what he needed to his place. “That’s the moment when I decided I will start my venture,” says Adam, who was just 21 when he launched Koshur Store, a quick-commerce platform based in Srinagar, the summer capital of Jammu & Kashmir (J&K).

Kashmir popularly known as the “Paradise on Earth”, Jammu and Kashmir is world famous for its scenic splendor, snow-capped mountains, plentiful wildlife, exquisite monuments, hospitable people, and local handicrafts. But lately, Kashmir is known for its diverse youth and their startups. We have witnessed multiple foreign investments coming to Jammu & Kashmir’s startup eco-system and out of all this 24-year-old is leading.

As per the announcements made by the startup, it has recently raised a series-b round from an investment platform named elixor capital at a mesmerizing valuation of ₹900 million pre-money.

Speaking to Moris, Chief Executive & Chief Visionary Officer he said, “I want to take koshur public. I want to bring its IPO and change the narrative “Kashmir mai kuch nahi rakha” forever”
‘Koshur Store’ launched in 2019 is the first, largest, and fastest growing online shopping app along with its subsidiary companies in Jammu & Kashmir. While it is specifically catered to the audience of Jammu & Kashmir, lately, it has been driving attention across the country. According to sources, “Koshur Store” receives twenty orders a minute nationally.

According to Crunch Base, Koshur Store has recently raised angel seed funding and has since grown exponentially. In October 2020, Koshur Store reached the first milestone of crossing the valuation of ₹10 million. Since then, Koshur Store has been growing at a phenomenal ratio of 360% per quarter and acquired multiple startups.

The Startup, Koshur Store has launched multiple partnerships with global brands and more, claiming to have recorded 10X growth in online sales from last year; Koshur Store is working on recording a 100X growth in 2022. Hailing from Srinagar, Jammu & Kashmir, Moris has proved to a million youth that problems caused by the COVID-19 pandemic and other issues; despite the lack of good internet facilities, there is nothing that can stop you from succeeding in life if you are determined enough. He is a true example of success hitting you when you work hard for it. He has become an inspiration and idol for the youth across the country who want to become entrepreneurs and be successful in life.

The start-up ecosystem in J&K comprises local versions or mimics of national and international players like Ola, Uber, Amazon, Flipkart, and Zomato, as these companies have minimal presence in the region. More importantly, though, regional entrepreneurs have been quick to identify customer pain points and are working towards solving issues that are typical to the region, even as they strive to get the investments required to scale and take their start-ups to the next level.

Adam started Koshur in August 2019 with the purpose of providing a local and reliable e-commerce solution to the people of J&K, who just wanted to shop online like people from the rest of the country do. “Start-ups in J&K are providing necessities that a regular person enjoys in the rest of the country. We have local start-ups in food delivery, cab booking, or even the e-commerce or quick-commerce space. We do not have an Ola or an Uber here; even Amazon and Flipkart do not deliver to the entire region, and that too, only a limited set of products,” says Adam, whose venture started with 20 products and currently has over 10,000 listings.