Empowering Brands to Thrive in the E-commerce Arena: The Journey of Mohit Jain and Baqar Iftikhar Naqvi

In the bustling world of e-commerce, where competition is fierce and brands strive to make their mark, Mohit Jain and Baqar Iftikhar Naqvi embarked on a transformative journey by founding Upriver in 2019. This Gurugram-based start-up emerged as a beacon of hope for brands seeking to excel in the e-commerce landscape. Upriver offers comprehensive services, ranging from strategy formulation and execution to financial support, helping brands navigate the complex world of online retail. In an exclusive interview with YourStory, Baqar Naqvi, CEO and Co-founder of Upriver, shares their remarkable story.

Identifying the E-commerce Gap

Before venturing into the world of entrepreneurship, both Baqar and Mohit worked in client-facing roles at a management consulting firm. This experience gave them unique insights into the challenges faced by traditional brands when transitioning to the online realm. They observed that even established brands struggled to thrive in the digital landscape, while digital-first brands were flourishing. Recognizing this gap, the duo embarked on a mission to bridge it.

Upriver’s Holistic Approach:

Upriver takes a holistic approach to e-commerce success. It offers end-to-end solutions that encompass strategy development, execution, marketing, and financial support. Unlike brands that often navigate the e-commerce terrain blindly, Upriver provides data-driven insights and leverages its in-depth knowledge of marketplaces, enabling brands to unlock their full potential. As Baqar explains, “We serve as an extension of the brand team and come with a deep understanding of how marketplaces operate and the growth levers that drive success.”

Accelerating Growth:

Upriver’s array of services includes account management, which covers critical aspects such as market on boarding, D2C website launches, catalogue management, inventory and order management, advertising, customer retention, and more. The start-up’s commitment to aiding brand growth extends to its recent foray into financial services. Through strategic partnerships with revenue-based financing companies like Indifi, Velocity, and Klub, Upriver offers short- to medium-term business loans ranging from Rs 5 lakh to Rs 15 crore to e-commerce merchants.

Harnessing Technology for Success:

Technology is at the heart of Upriver’s operations. The startup employs a range of cutting-edge tools, including Helium 10, Perpetua, Sellerapp, Sellerlion, Adyogi, and Wigzo, to boost product rankings on marketplaces. Baqar proudly mentions that their ad campaigns are highly optimized, with impressive ROIs ranging from 0.5X to 20X, depending on various factors. Upriver licenses and deploys these tech tools to enhance sales and profitability for its clients.

A Growing Portfolio:

With a diverse portfolio of over 125 brands, including industry giants like Reliance Brands, ITC, and Wipro Consumer Products, as well as emerging D2C brands such as Suganda and Softspun, Upriver has made a significant impact in the e-commerce landscape. The company’s reach extends beyond Indian borders, with a presence in international markets such as the US, Canada, Japan, the Middle East, Nepal, and the EU.

Revenue Model and Expansion:

Upriver operates on a revenue model that charges a variable commission based on net sales generated through online channels. This approach is tailored to the unique needs and growth expectations of each client. The start-up currently derives 65% of its revenue from marketplace management, with the remaining revenue sourced from D2C management. Financial services are poised to contribute 5–7% of the overall revenue by the end of the fiscal year.

In FY22, Upriver achieved $1 million in revenue, marking a remarkable 5X growth over the previous two years. The company recorded a gross merchandise value (GMV) of $10 million in the previous financial year, with aspirations to reach an annualized GMV of $75 million by the end of the current fiscal year.

A Booming E-commerce Market:

The Indian e-commerce market is on an upward trajectory, with a valuation of $39.33 billion in 2021, projected to soar to $343.90 billion by 2029. The potential for growth in this dynamic market is immense, and Upriver is well-positioned to help brands capitalize on this opportunity.

Mohit Jain and Baqar Iftikhar Naqvi’s entrepreneurial journey with Upriver is a testament to their commitment to empowering brands in the e-commerce arena. Through their holistic approach, technological prowess, and strategic partnerships, they have unlocked the doors to success for brands seeking to thrive in the digital landscape. As Upriver continues its remarkable growth trajectory, Mohit and Baqar’s vision and dedication serve as a beacon of inspiration for brands navigating the ever-evolving e-commerce landscape.