IndiaMart targets Rs 2,000 crore revenue by 2020
An announcement for the platform’s Big Brands program was also made which is an integral part of Vision 2.0 and had initially built Rs 200 crore business by catering to small and medium enterprises
Online market place IndiaMart recently accomplished 1 lakh premium customers on its online platform. The company has set a target to achieve a revenue of Rs.2, 000 crore by the end of 2020. An announcement for the platform’s Big Brands program was also made which is an integral part of Vision 2.0 and had initially built Rs.200 crore business by catering to small and medium enterprises.
Currently, IndiaMart has about 1 crore buyers, 15 lakh suppliers, 3.5 crore products listed on its platform.
On the company’s RFQ system, Dinesh Agarwal, Founder and CEO, IndiaMart said, “ In the RFQ system what happens is a buyer gets five-ten interested suppliers in his product rather than wasting time by going one shop to another. This provides a custom solution to the buyers. And this helps both ways , the suppliers now has options to and pick buyers according to his suitability.”
He added, “We follow three points in our business strategy; 1- More buyers, More suppliers, More business, 2- Big buyers, Big suppliers, Big business and 3 - Discovery to Delivery. As of now we are running at a run rate of Rs 300 crore revenue, which in correspondence to last year, has increased by almost 50 per cent. Customers have doubled in the last 18 months and so has the revenue doubled in the last 18 months. For us, this year’s mission is 365 crore, that is like a crore a day.”
On the purpose of its online retail market place, Tolexo, Agarwal said, “Before Tolexo, we had cracked the code of the wholesale business but not of business retailing of standard goods. With Tolexo, we are doing the B2B of industrial products in terms of retail. And also on Tolexo, we provide consumer experience.”
We had roped in Irrfan Khan as our brand ambassador for our campaign Kaam Yahin Banta Hai and we also do various innovative stuffs like in first few months of this year we had our campaign on the metros. And we are planning for newer campaigns and we have hired Bang In the Middle as our creative agency for the same,” said Agarwal on the company’s plans on future advertising and marketing plans.
Dinesh Gulati, Director, IndiaMart, said, “We have recalibrated our strategy to enhance our focus on the big businesses. This will lend a fillip to our vision of IndiaMART 2.0 wherein we are looking at net revenue of Rs.365 crore in 365 days this year and take it to Rs.2000 crore by 2020. With our Big Brands initiative, we are moving from the motto of ‘More buyers, More Sellers and More Businesses’ to ‘Big Buyers, Big Sellers and Big Businesses’.
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