I am Hooner Baweja, CEO & Founder of Hothaat Marketplace.
We are a cross border ecommerce company based in Mumbai, with branch offices and warehouse facilities in South India, China & the US.
My family was exporting textile products in bulk from India to the US. With the advent of ecommerce in the US, I identified the opportunity to ship goods directly from our factory in India to the end customer in the US using ecommerce platforms. In 2012, I decided to move back to India and started Hothaat from the living room of my rental apartment.
We started with three employees and today we are proudly a company of over 200 employees across the globe. Currently, we do cross border ecommerce catering to the US market but plan to expand to other markets like Europe, Australia and South America.
Since our business is 100% cross border exports, getting paid on time from international marketplaces is crucial for us. As our volumes grew, it was increasingly difficult for us to streamline our payments and finances in a manner that would support our growth.
Until recently, all our payments from international marketplaces were getting credited through wire transfers.
Payments use to take at least 7-10 business days. Not only were we losing time, we were also being charged higher exchange rates.
Using Payoneer has been one of the best things that has happened to our business this year. The Store Manager feature has helped us consolidate all our payments onto one platform and has significantly shorten our payment realization time.
It’s been few months since we started using Payoneer. We are now saving around 2-3 % on exchange rates and are receiving payments to the tune of $100k on a monthly basis.
We cannot thank Payoneer enough for what they have done for our business. Payoneer’s global presence has enabled us to grow exponentially, and expand to other marketplaces in a secure and compliant way.