Ahmedabad-based Ingenius e-commerce Private Limited has launched an e-commerce portal - tradohub.com - that will help small and medium enterprises (SMEs) to procure raw materials at cost-effective prices.
"This is happening for the first time in India that industrial raw materials and machinery are available online. Raw material will be available to SMEs below market price," said Akash Domadiya, co-founder, tradohub.com.
The portal currently has 60 registered suppliers across the globe and offers 70 types of raw materials and machinery needed by the food-processing, agriculture, chemicals and pharmaceutical sectors. The e-commerce platform will procure raw materials from its suppliers in bulk and will offer it to small buyers at a discounted price.
Harsh Patel, co-founder of tradohub.com, said, "We are currently focusing on buyers from India. The numbers of suppliers will increase to 1,000 by the end of December 2015."
The company has invested about Rs 50 lakh to develop the portal and has a 12-member team to cater to demand from buyers. It claims to have already supplied machinery to a cashew nut processing unit for a company based in Nadiad.
"Buying through the portal will bring down the cost of raw materials by about 10 per cent compared to open market rates. Moreover, we are giving quality assurance to buyers. The company is targeting revenues of Rs 20 crore by the end of the current calendar year," Domadia said.
To ensure quality, tradohub.com will carry out third-party inspections at the time of dispatching raw materials. To promote the portal, it will partner with various trade organisations across the country.
Patel said, "We will soon partner with various trade bodies and organisations to promote our venture."