L&T ushers into B2B Ecommerce arena, launching L&T-SuFin
- ByStartupStory | March 8, 2022
Construction giant Larsen & Toubro, a construction giant announced the launch of a new B2B ecommerce platform for industrial products and services called ‘L&T-SuFin’, the B2B platform with an eye on the services market that allows MSMEs to digitally source their industrial supplies ‘pan-India’ online.
The company aims to address the inefficiencies in the Indian industrial supply chain system. It further aims to provide greater transparency inventory optimisation in the segment. The ecommerce platform will cater to a pan-Indian market and also host products across more than 40 categories. In addition, an entire ecosystem will be enabled by the platform in order to enable MSMEs to buy seller tools, ensure delivery, and engage in negotiations on a single platform.
The company claims that the platform in a bid to check rampant duping of customers on ecommerce portals will only host KYC-verified sellers and buyers. The platform will serve over 15,000 pin codes across the country, reportedly. Working capital will be provided by L&T-SuFin to MSMEs enrolled on its platform. A slew of banks to streamline loan disbursal has been reportedly tied up with the company.
The platform in order to help simplify the value chain for SMEs, will leverage on L&T’s digital and technology capabilities. L&T would be operated as an aggregator for the products and services on the platform. About 1.5% of the transaction would be earned by them on deals.
Behemoths like IndiaMART and new tech companies including Moglix, Bizongo among others are other heavyweights that the marketplace wants to compete against. The market at present continues to soar to newer heights. As per a report by Research and Markets, by 2027 the global B2B ecommerce market size is expected to reach $20.9 Tn, growing at a CAGR of about 17.5% during 2020 -2027.
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