Phubber Launches its App in Azerbaijan Next Year
After Georgia and Ukraine, the Georgian startup Phubber continues its development and growth by taking advantage of other countries and announces the launch of the online shopping application in Azerbaijan in 2023.
As Giorgi Chugoshvili, co-founder of Phubber, told BM.GE, 2023 will be a time of pro-active acquisition of new markets for Phubber, for which the team completed preparatory work in 2022.
"We will open a physical location of Phubber Consignment in Azerbaijan from February 2023, and we will launch the application in March. Market research has revealed that interest in online shopping of medium and high-end products is high, so we have positive expectations.
A country manager, an operational customer care team and a small marketing group will work in Azerbaijan, and the rest of the operations will be managed centrally from the head office in Tbilisi," says Chugoshvili.
The co-founder of the startup notes that the necessary financial resources for the exploitation of foreign markets have been attracted from existing investors, and they are working with venture funds to attract the rest of the investment.
"In 2023-2024, we plan to invest 2 million dollars in order to develop Phubber outside the borders of the country. In the case of Azerbaijan, this amount is 400,000 dollars," the founder of the startup notes.
According to Giorgi Chugoshvili, together with Azerbaijan, the management has completed the preparatory work for entering two additional markets, and with the closing of the investment round, the Phubber application will be launched in Uzbekistan and Kazakhstan.
"We are planning to acquire two more countries from next year. We have completed the processes in Kazakhstan and Uzbekistan, now we are working on closing the investment round, and after that, we will start active communication to attract users to these markets", - noted the co-founder of Phubber, adding that the company's turnover will at least double next year, although they have written a triple increase in the financial model.