Delper

A trust layer for global e-commerce

Executive summary: reaching 2 billion verified products and up to 3.5 billion protected buyers in five years.

The problem

Online shoppers lose money to counterfeit goods, phantom stock and non-delivery. Buyers who source from factories face the same risk, with upfront payments and no independent check on quality. Existing fixes are fragmented: marketplace-owned assurance, separate inspection firms and generic escrow.

Pain points and fixes

Open pain points: sellers prepay RTB and QC non-refundably, and wait up to 15 days after delivery to be paid. The pilot should test whether sellers accept this.

The solution

• Customers are the kings. Buyers pay no separate fee for verification, QC, bidding or protection.
• Demand source. Customers browse the static catalogues of sellers, which are free to list, and place an enquiry with Delper to avail independent 3PQC and the RTB. Those enquiries are the leads sellers pay for.
• Tiered verification. Automated catalog and seller checks cover most items. Independent physical quality control (3PQC) is sampled and risk-targeted, because inspecting every product physically is impossible.
• Real-time bidding (RTB). Buyers post product enquiries and only pre-vetted factories can bid live. Visibility is ranked by verified 3PQC pass rate and inventory data, not ad spend. Free to buyers; sellers pay for bidding in advance, at actual cost.
• Third-party QC agent team (3PQC). Independent agents physically inspect high-risk and sampled orders and issue the sign-off code that clears the goods for dispatch. Agent pay is not tied to pass rates. Free to buyers; sellers pay for inspections in advance, at actual cost.
• Conditional escrow. Buyer funds are held in escrow (Axis Bank partnership in progress) and released only after delivery and a satisfaction certificate from the customer.
• Open verification record. A tamper-evident record, published as an open standard, that any merchant site, checkout or marketplace can display.

Equal opportunity for all sellers

• Same terms for every seller, old or new. Ranking depends on verified 3PQC results and inventory data, not tenure, size or ad spend.
• Quality products pass 3PQC. Sellers with quality products gain RTB visibility.
• Low ratings cost nothing more. Products rated low by 3PQC incur no further QC or RTB expense for the seller.
• Every product stays listed. All products remain listed for sale with their 3PQC rating shown, so the customer decides whether to buy or pass. If the customer buys a low-rated product, it ships with a caveat stating its 3PQC rating and that it cannot be rejected on the basis of that rating.

Draft caveat wording: "This product is rated [rating] by independent 3PQC. You chose to buy it knowing this rating, so it cannot be rejected on the basis of that rating. Your rights for non-delivery or damage are not affected."

Draft only; to be reviewed by lawyers for each market.

3PQC delivery model

Proposed structure. SGS is the target lead partner; no agreement is in place yet.

• Lead global provider: SGS, for physical inspection, testing and certification across major sourcing countries.
• Regional alternates: one or two other accredited firms (for example Bureau Veritas or Intertek), rotated by region to avoid concentration.
• Independent assurer: EY audits agent independence, pass-rate integrity and escrow controls across the network.

Safeguards: no pass-rate targets or fee linkage to outcomes in contracts; volume-based per-inspection rates tested in the Year 1 pilot; agreed service levels for capacity; conflict-of-interest checks against providers' existing clients.

Business process

Proposed roles. Partner agreements are not yet in place.

• Delper: runs the RTB (seller vetting, rules, ranking and data) and the platform.
• QC partner: SGS or an alternate does the inspections and issues the sign-off code, with no role in ranking.
• Escrow bank: Axis Bank holds buyer funds and releases them after delivery and a customer satisfaction certificate (partnership in progress).
• Independent assurer: EY audits the RTB, QC independence and escrow controls, with no design or operating role.
• Operating partner (optional, growth stage): PwC runs business process under contract while Delper keeps the IP and ranking rules.
• Sellers and buyers: take part but cannot change the ranking rules.

Partner status

Statuses are as reported by Delper and have not been independently verified. Update them as agreements are signed.

Customer and seller journey

Customer journey

Seller journey

Escrow is released only after delivery and a satisfaction certificate from the customer, due within 15 days of delivery.

Buyer acquisition through ONDC (proposed)

• Channel: ONDC buyer apps discover the static catalogues of sellers, and customers place an enquiry with Delper to avail 3PQC and the RTB.
• Scale reference: by June 2026 ONDC reported over 200 million potential buyers, about 500,000 sellers and about 1,000 Indian cities, and it passed 500 million cumulative transactions in August 2026. In June it handled about 9 million transactions a month.
• India only pilot: the pilot runs in India only, using ONDC for buyers and Axis Bank for escrow. Licensing and compliance as the platform scales in India is a later decision.
• India only: Years 2 to 5 stay in India, up to the ONDC reported 200 million potential buyers. Any expansion beyond India is a later decision based on the results.
• To define: Delper role on the network (buyer side, seller side or both), ONDC onboarding terms and fees, whether cross-border orders are supported, and how escrow fits ONDC settlement rules.

Event calendar and partners

Each of the 19 revenue streams is run as an event for sellers. Unless a stream states another cadence, it runs monthly. Sellers bear the event costs.

Candidate event agencies

Agencies are candidates only; none has been contacted, and no agreements or pricing are in place. Event operations start after the pilot. Event costs are borne by sellers and are not part of the platform budget.

Five-year targets

Rollout

Year 1 pilot plan

A small, low-cost pilot to test the model before scaling. Targets are proposed.

• Scope: India only, one product category, 6–9 months, with buyers from ONDC.
• Participants: 30–50 vetted factories and 15–25 DTC brands ($5–50M revenue).
• Volume: about 300–500 real orders, with manual bidding, human QC (SGS or another accredited firm; no agreement yet) and escrow with Axis Bank (in progress). Sellers prepay RTB and QC charges.
• Budget: roughly $2.5–4M of the seed.
• Measure: cost per order, defects caught, disputes and fraud avoided, repeat orders, and whether a processor or marketplace will pay for protection.
• Gate to Series A: continue only if cost per order shows a path to covering itself and several brands reorder.

Year 1 pilot cost

How far the $4M seed goes over the first 12 months, using the proposed use of funds and a pilot of about 400 orders (the middle of 300 to 500).

• Monthly spending: about $333,000 a month over 12 months.
• Gross profit from the pilot: about $29,000 (400 orders at $72.67), under 1% of the seed. The pilot buys learning and a working platform, not profit.
• Break-even volume: at $72.67 gross profit per order, a $4M annual cost base needs about 55,000 orders a year, or about 4,600 a month.
• Tranches: $1.0M, $1.5M and $1.5M fund about 3, 4.5 and 4.5 months of spending.
• Pilot costs sellers pay: QC and RTB at actual cost (about $9 per order, assumed), prepaid by sellers, so Delper does not carry them.

Year 2 plans 80,000 orders, above the break-even volume for this cost base, but costs will rise as sellers and orders grow and the Series A is meant to fund that. Replace the 400-order figure and spending with actuals during the pilot.

12-month plan

Five-year lead generation revenue forecast

Revenue is lead generation revenue from sellers, earned through 19 types of events (the 19 revenue streams below). By taking part in the RTB, sellers agree to the cost being deducted from their sale proceeds. The 19 streams were calculated for 6B users and total $400,000M a year at that scale, about $66.67 per user, before Delper own taxes and expenses. Each year applies that rate to the buyers who purchase (one order a year each), and the stream mix stays the same.

Year 5 by stream ($M, scaled from the 6B-user total to 7.5M orders)

Assumptions: Year 1 is the pilot (300–500 orders) and carries no forecast; Years 2–5 are built bottom-up below from certified sellers and orders per seller, with one USD 300 order per buyer a year, India only through ONDC. Certified sellers (400, 2,000, 6,000 and 15,000) and orders per seller (200, 300, 400 and 500) are illustrative assumptions to replace with pilot data. RTB and 3PQC remain free to buyers, with costs prepaid by sellers at actuals; the 19 streams have not been re-mapped to the 2% seller commission on sale. Revenue figures are Delper gross profit, before its own taxes and expenses, which are paid out of gross profit; seller-borne event costs are not Delper costs. The 18% rates are targets that regulators may cap. Lead generation was set at $66.67 per order, down from $100.23, so that the seller gross profit is 25% higher than Delper gross profit. The model is unvalidated.

Rebuilt five-year forecast

Built bottom-up from certified sellers and orders, so pilot results can be dropped in. Each order is USD 300, all-inclusive, from one buyer a year. Delper earns a 2% commission ($6.00) plus lead generation of $66.67 per order from the 19 streams, $72.67 gross profit per order (24.22% of the price), deducted from sale proceeds at escrow release. Buyers come from ONDC, India only.

Drivers

Results

Delper net profit (illustrative)

Expenses at 50% of gross profit and tax at 25% of the profit after expenses are illustrative assumptions, applied to every year for simplicity. Delper pays its taxes and expenses out of gross profit. Early years are likely to run at a loss while the platform is built, so replace these with actual expenses from the pilot.

Year 5 sensitivity: share of the order target achieved

Assumptions: certified sellers and orders per seller are illustrative. Delper gross profit is before its own taxes and expenses, which are paid out of it. Revenue is earned only on completed sales after escrow release, so any shortfall in seller recruitment, orders per seller, repeat rate, QC pass rate or 15-day acceptance lowers it directly. Delper gross profit is 24.22% of the price while the sellers gross profit is 30.28% (USD 90.83 per USD 300), which is 25% higher, under the price split assumptions, so seller acceptance is the main thing to test. Year 5 assumes 7.5M orders, about 7% of the roughly 108 million transactions a year ONDC was handling in mid-2026, and 15,000 certified sellers, about 3% of the roughly 500,000 sellers it reports. Replace these drivers with pilot data at the Series A gate.

USD 300 price split

The USD 300 average purchase per buyer a year is split below. The residual after all costs is treated as gross profit for the seller or manufacturer.

Illustrative: QC, RTB, delivery and product cost are assumptions to replace with pilot data, and gross profit moves one-for-one with them. Delper gross profit is the sales commission plus net lead generation ($6.00 + $66.67 = $72.67, 24.22% of the price). The seller gross profit is $90.83 (30.28%), which is 25% higher. Taxes and FX conversion costs are charged extra to the buyer and are not part of the USD 300. Delper own taxes and expenses are paid out of its gross profit, so Delper net profit is lower and is not forecast here. Charges paid to or through Delper (commission, lead generation, QC and RTB) total $81.67, or 27.2% of the price, so seller acceptance should be tested in the pilot.

Business model

• Customers are the kings: buyers pay no separate fee for QC, RTB or protection.
• Sellers pay RTB and QC charges in advance, at actual cost. These are a non-refundable seller expense, separate from the 2% commission.
• Sellers pay a 2% sales commission when a sale completes, deducted at escrow release.
• Sellers who agree to take part in the RTB also agree to the lead generation cost being deducted from their sale proceeds only upon escrow release, which supports repeat sales. It is earned through 19 types of events.
• Event costs are borne by sellers.
• Taxes and FX conversion costs are charged to the buyer extra at checkout.
• The USD 300 average buyer price covers lead generation cost, product cost, sales commission, doorstep delivery, and QC and RTB cost.
• Sellers can list a static catalogue free, with no onboarding fee. To conduct business, sellers pay a USD 100 annual business onboarding fee, plus RTB and QC charges at actual cost, to be certified as a Healthy Seller and take part in the RTB.
• Buyer funds are held in escrow; the Axis Bank partnership is in progress.

Why it can work

• Partners (merchant platforms, payment processors, marketplaces) extend reach, while buyer-first terms attract demand.
• Sellers pay commission only when they sell, and verified status gives honest sellers visibility and buyer trust.
• Reach scales by riding existing cards, accounts and platforms.

Key risks and mitigations

Staged funding plan

Planning assumptions, not offers. The seed pre-money could range from $8M (low case) to $16M (high case) depending on team and early proof.

Use of the $4M seed

Proposed split, to be refined:

Use of the $20M Series A

Proposed split, to be refined with the pilot. Event costs are borne by sellers, so they are not part of the platform budget.

Use of the $50M growth round

Later, after pilot proof and traction in India. Buyers pay no separate fee, and RTB and 3PQC are free to them; sellers prepay these costs at actuals, so the platform is not out of pocket for inspections or bidding. Proposed split, to be refined with the pilot:

Viability and next steps

What works

• Real problem: fraud, non-delivery and quality disputes cost buyers and sellers money.
• Coherent core: independent QC, quality-ranked bidding and escrow released after delivery fit together.
• Small first bet: an India-only pilot funded by a $4M seed, released in tranches on preferred terms.

Open issues

• Nothing is signed: Axis Bank, SGS and ONDC are not yet agreed, and EY and PwC are only proposed.
• No team or legal entity shown: investors back the founding team first.
• Unit economics are unproven: QC at about $9 per order is an assumption, and a physical inspection of a USD 300 order may cost more, so QC may need to be sampled at batch level.
• Seller burden: charges paid to or through Delper are about 27% of the price, and sellers prepay QC and RTB non-refundably and wait up to 15 days after delivery to be paid.
• ONDC fit: Year 5 volume of 7.5M orders is about 7% of ONDC annual transactions in mid-2026, which are mostly mobility and food.
• Forecast drivers are assumptions: sellers, orders per seller, QC, delivery and product costs must be replaced with pilot data.

Next steps

• Months 0 to 2: name the founding team, set up the legal entity, and get signed letters of intent from Axis Bank, SGS (or an alternate) and ONDC participants.
• Months 2 to 9: run the paid India pilot, starting with about 50 orders, and measure cost per order, seller acceptance of the charges, QC pass-rate integrity and repeat purchases.
• Months 9 to 12: replace the assumptions with pilot data, reset the seed and Series A pricing on traction, and raise the Series A only if the agreed targets are met.

Assessment: viable as a narrow India pilot, and investable once the open issues above are closed. This rests on assumptions made in this document and is not investment advice.

Seed terms for investors (proposed)

Milestone tranches

Reporting to investors each quarter: cost per order, fraud avoided, repeat rate, QC pass-rate integrity, seller acceptance of charges, and buyers reached through ONDC. Series A is raised only if the pilot meets agreed targets for these.

Illustrative seed investor return

Illustrative, as-converted returns for a $4M seed. Ownership is 25%, diluted to about 14.3% after the $20M Series A (28.6% sold) and the $50M growth round (20% sold), before any option pool top-ups, preferences, debt or fees. Exit values are shown well below the plan forecasts on purpose. Terms are proposals to negotiate with counsel; this is not legal or investment advice.

The ask

Figures are planning targets, not forecasts. Active-buyer and revenue numbers should be validated by the pilot. This is not investment advice.