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UAE is home to over 100 nationalities. Each of us has unique shopping habits which have given rise to a diverse range of pre-owned products. Every day, millions of dollars’ worth of new products is bought at malls and online shopping platforms in the region. Automatically, this gives rise to a market for pre-owned/used products. The market in the UAE for used items excluding motors & properties is estimated at over 10 billion USD.
YallaBargain.com is the first online marketplace where, both individuals and businesses can BUY, SELL, RENT used products which extends the product's life cycle thus enabling a more sustainable economy. Verified members can sell or rent out their products to other members using the platform. YallaBargain.com takes care of the delivery and payments for all orders which enable convenient and complete transactions of used items online. Yalla Bargain also acts as an online sales channel to hundreds of second hand retail businesses and product rental companies in the UAE.
Billions of dollars’ worth of pre-owned products is lying around as idle assets across homes and offices. The Dubai Municipality is also keenly looking at this sector as it has invested over 20 million USD to build an offline market to transact second hand furniture & household goods in the UAE. Online classifieds and social media groups for used products don’t help in most cases as it does not enable complete transactions and users have to meet offline which may pose personal and financial risks.
With UAE being an expat driven country, it’s an ideal hotspot for used products as there is a continuous inflow and outflow of expats. Millions of dollars of offline transactions of used products occur in the UAE through Second-hand Retailers & Wholesalers, Product Rental Companies, Flea Markets, Car-boot sales and more. YallaBargain.com is looking to move these transactions online and work towards organizing this highly unorganized market.
Murugesh Mohan, the co-founder of YallaBargain.com says “YallaBargain.com is a solution which the people of UAE are looking for. We met over 5000 people in malls and food courts across the UAE for over 6 months to understand the problems they faced when it comes to transacting used products. We then custom-built and developed the first online marketplace for individuals and businesses to transact used products and tested it with focus groups for over 2 months before going live.”
Sai Naveen, the co-founder of YallaBargain.com adds “The response has been very encouraging. We already have over 1500 products listed on the platform with a gross merchandize value (GMV) of over 100,000$ which is growing aggressively every day. We have signed up multiple business sellers with an available recurring inventory of over 100,000 used products. We are looking for an investment of 500,000$ with an initial target of 100 orders a day.”
Sai Naveen, holds a Masters in International Marketing from the prestigious Leeds University Business School in England, UK. Murugesh Mohan, has completed his Masters in Information Systems from the renowned Liverpool John Moore’s University in England, UK. Mob & Sai have over 10 years of experience in working on e-commerce and online businesses and have also worked for over 4 years together on the first print e-commerce platform in the UAE.
YallaBargain.com is co-founded with 100% bootstrap funding from Murugesh Mohan and Sai Naveen to solve the problems faced when transacting used products. The solution also contributes towards UAE’s vision for sustainability. YallaBargain.com can also help the millions of tourists visiting the UAE for Expo 2020 to rent products for less during their stay instead of them actually carrying it along.
YallaBargain.com won the 2nd place in the first international pitch competition organized by the UAE Ministry of Economy at AIM Startup 2018 held at DWTC this month. The organisers had shortlisted 200 startups from over 600 applications from over 25 countries.
© Press Release 2018
