July 18: Pakka Business, one of India’s largest online B2B marketplace, has recently launched its software under the able leadership of Sameer Panda. The software aims to automate the sourcing & streamline the process of procurement in one go. The software was launched in May 2022 with a focus on the MSME market, which has historically been troubled by issues like limited access to affordable technology and limited financial resources.
The software is beneficial for both buyers and sellers. It provides major advantages to the sellers, which include helping them to discover potential customers, excellent order management processes, effectively managing payment options, and providing a robust customer management system. On the other hand, the key benefits for buyers include the option to request quotations, award purchase orders, manage payments, manage invoices, a firm vendor management system, and the benefit of a one-click quotation comparison feature.
Pakka Business is suitable for all entities dealing with sourcing, record keeping, and procurement. The platform is the best fit for all-size businesses ranging from manufacturing, engineering, construction, electronics, and chemical, to security and many more. The USP of the brand is that it provides 8%-15% off savings on each procurement. The other advantages of the software entail 70% reduced procurement lead time, access to the Pakka Business seller database, and end-to-end procurement software.
“The pain point was to help MSMEs streamline their procurement and sales, which are arterial processes for Micro, Small, and Medium (MSME) companies in India. We have close to 60 million MSMEs, and 90% are sole proprietors, and our platform will help them streamline their essential tasks like procurement and increase their sales, eventually saving on manpower costs,” says Sameer Panda, the Founder of Pakka Business.
“With such huge market potential, we are hopeful of grabbing substantial market share, and our financial model is a SaaS-based subscription model. Our goal is to capture a sizable market share and have one million companies transact on our platform by 2024,” he further added.
Pakka Business allows buyers to procure goods from multiple sellers after comparing offers automatically on parameters like price, delivery schedule, payment terms and warranty and supplier ratings. Pakka Business’ advantage is twofold. On the one hand, it helps MSME businesses to discover relevant suppliers and streamline the entire procure-to-pay process through its cloud software and saving on procurement costs and time, and on the other, helping these businesses increase their sales by generating qualified sales leads and enabling them to discover right customers thereby cutting down on sales and marketing expenses.
Within a span of 2 months, materials worth INR 23 crores have been procured by a plethora of companies across various verticals through Pakka Business. With the successful and automated processes, there have been more than 2500+ businesses registered on the Pakka Business. Furthermore, the platform has witnessed a 10% increase in the saving in cost of procurement and a 70% decline in procurement lead time.
Pakka Business as a platform currently considers itself to offer a unique value proposition and does not have direct competition as yet. It is a combination of a marketplace of B2B companies and a SaaS product that currently isn’t offered by many products.
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