The Purchase house – India’s Leading & Trusted B2B Marketplace, Decoding the ‘Reverse Supply Chain’ of Industrial Surplus & Non-Moving with aim to channelize everything Industrial into ‘Circular Economy’
- ByStartupStory | May 6, 2023
The world is changing, and so is the way we conduct business. In today’s fast-paced world, businesses need to be agile, efficient, and adaptable to survive. One of the biggest challenges that businesses face is managing their surplus inventory & non-moving assets effectively. Often, In MSME’s, Large Corps & Even in MNC’s it takes up valuable space and resources, leading to blocked capital and decreased productivity. This is where The Purchase House comes in.
The Purchase House is an emerging B2B Marketplace that aims to channelize everything Industrial into a ‘Circular Economy’ by enabling businesses to buy or sell excess inventory and surplus capital assets. Founded in August 2017, The Purchase House has quickly become India’s Leading & Trusted B2B Marketplace, offering a unique solution for cost effective industrial procurement while Moving industrial Non-moving !
Founders and Inspiration
The Co-founders of The Purchase House, Rushikesh and Kanchan Bhandari, have a background in Chemical Engineering, Operations Management, and M.Sc Chemistry, respectively. Prior to starting The Purchase House, Rushikesh worked in various industries in procurement, operations management, Sales and vendor development, while Kanchan worked as a lecturer at reputed institutes in Nasik and Indore and learned business strategies and marketing tactics by joining the business. There was a successful stint in the Trading of Industrial goods as well prior to Starting of The Purchase House where they used to deliver cost-effective quality industrial goods ‘Just in Time’.
Rushikesh and Kanchan always challenged traditional ideas of how businesses are supposed to act regarding their capital spread & its value-added utilization. They realized that managing inventory & idle assets effectively is a painful area for all major industries and decided to bring uniformity, transparency & order to this unorganized market by creating a B2B platform that enables businesses buy or sell Industrial Surplus.
Services and Competitors
TPH is one stop platform for industries which deals in Surplus Raw Material, Consumables, Tools & Spares, Machines, Industrial Plants & Plots. The Purchase House is currently operational in 8 different industrial sectors and in 65+ subcategories.
Their competitors in the market include other online platforms from Europe & USA and auction houses that offer similar services. However, The Purchase House’s focus on providing a personalized experience and their ability to seamlessly handle large-scale transactions sets them apart from their competitors.
The Purchase House’s platform offers several other advantages, including no lead time for procurement, accessibility of product and machine data at the fingertips, detailed inspection and verification of important must-haves in the deal, transparency in the complete process, and secure transactions on an advance payment basis
Growth and Expansion
In the last 5.8 years since its inception, The Purchase House has gone through a remarkable transformation. What started as a small three-member team has now grown into a powerhouse of 15 passionate and purpose-driven individuals. The team includes professionals from diverse backgrounds in engineering, chemical, business operations, sales and marketing, and data analysis, all working together with a strong focus on teamwork, collaboration, and open communication. The team started with a modest 200 sq ft home-based office and has expanded to an impressive 2300 sq ft area, providing a comfortable and collaborative workspace for the team to thrive.
Over the years, The Purchase House has achieved significant milestones. The company’s surplus listings have grown from an initial 60-lakh worth to more than 150 Cr in FY2022-2023, an impressive jump in just a few years. The company’s reach has expanded, with products from over 1500 brands, up from just 8 product brands when the company started. In addition, the company’s listings have grown from 146 products in the first 6 months to an impressive 3500+ in FY2022-2023. The team is dedicated to making this vision a reality and has set ambitious targets to scale up 15x in the next two years
The team prioritizes creating a healthy work environment for its members, encouraging open communication and transparency, and providing opportunities for professional development and growth. The team also offers a flexible work schedule, prioritizing work-life balance, and celebrating every occasion and festival to create memories to cherish forever.
To achieve this goal, The Purchase House is exploring new technologies to improve its platform and enhance the customer experience. The company understands that customer satisfaction is the key to its success, and it remains committed to providing top-notch services and products to its customers.
Future Prospects
The company’s growth and expansion plans include expanding its operations to other industries and geographic locations. The Purchase House aims to reach out to new customers and build long-lasting relationships with them. By doing so, the company is confident it can make its mark in the global marketplace very soon.
The future looks brighter than ever for The Purchase House. With its committed team of professionals, the company is poised to achieve its ambitious goals and continue its upward trajectory of growth and success. The key to its success lies in its ability to remain agile and adapt to changing market conditions while staying true to its core values of teamwork, collaboration, and customer satisfaction.
Investors
The current investment status of the start-up is that it is a funded company, with Angel Investors Mr. Rajendra Bagwe and Mr. Milind Rajpathak and some of the Big Industries Konark Global, Pro iris LLP being part of the project. A further testament to this vision, Bharat Fritz Werner Ltd. Is on boarded as a Strategic Growth Investor. BFW Ltd brings over Six decades of credibility and experience, while TPH uses smart data analysis and the latest technology to find a solution to what has been a severe pain point for any company in India for years.
Challenges & Growth Path Forward
One of the challenges the company faced early on was building trust with its customers and convincing them to use the platform. To overcome this challenge, the team focused on building strong relationships with its customers and providing exceptional customer service. Bringing uniformity to this mammoth unorganized playground has been the major challenge, but The Purchase House has successfully built trust and relationships with companies, evidenced by the 10x growth in happy customers in FY2022-2023.
To young entrepreneurs, The Purchase House offers advice to focus on building a strong team, prioritizing customer needs, and continuously learning and adapting to market changes. It’s essential to have a clear vision and to stay focused on goals, but also to be willing to pivot and adapt when necessary. Above all, never stop learning and improving skills and knowledge. The key is to be consistent, agile, and hungry to learn more!
In conclusion, The Purchase House has come a long way in its journey of growth and success, and the team remains committed to continuing this upward trajectory. With its customer-centric approach and focus on teamwork, collaboration, and open communication, The Purchase House is set to take on new challenges and expand its operations to new heights in the coming years.
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