Industrybuying expecting to increase gross merchandise value to Rs 25 crore

Industrybuying expects to increase its gross merchandise value or GMV to about Rs 25 crore by the last quarter of 2016, from about Rs 8 crore in May.

Priyanka Sangani
  • Updated On Jun 15, 2016 at 06:47 PM IST
PUNE: Business-to-business ecommerce firm Industrybuying expects to increase its gross merchandise value or GMV to about Rs 25 crore by the last quarter of 2016, from about Rs 8 crore in May.

The Delhi-based company has introduced a number of features in the past one year to make it easier for companies to buy their supplies from its online platform, co-founder Rahul Gupta told ET.

“All these features have contributed towards the growth we’ve seen in the past year and will contribute to our growth going forward,” Gupta added.

Set up in 2013, the startup expects to double its run rate to Rs 300 crore over the next two quarters. It saw more than fourfold growth in the number of sellers on its platform to 4,500 by May from 1,000 a year ago.

Similarly, the number of customers grew to 150 enterprises and 75,000 small and medium enterprises (SMEs) from 40 enterprises and 25,000 SMEs in one year. Customer visits grew to 15 lakh a month from around four lakh during this period. The portal sees repeat purchases from 30-35% of its customers, with an average transaction size of around Rs 5,000.

After raising its Series A round of funds in January 2015, the Delhi-based company started investing in technology to improve the overall experience for its customers that would differ significantly from that on a business-to-consumer or B2C platform. In all it has raised $13 million (about Rs 87 crore) since inception.

Industrybuying now allows customers to download quotations and share these with other people in their organisation for approval before they actually decide to place an order.

The company has tied up with non-banking financial corporations to enable credit to regular customers and has improved its online catalogue. It offers 15 lakh products across 3,500 brands in 45 categories, up from 1.5 lakh products across 500 brands in 20 categories a year ago.

Gupta said the company will be introducing more features in the coming months to make the platform more customer-friendly.

These could include the facility to create a purchase order in formats that different organisations use and integrating the internal order approval process into the system.
  • Published On Jun 11, 2016 at 09:27 AM IST
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