Brijnandan Mundhra, Founder, & CEO, Industricals.com
Since its launch in 2016, Industricals.com has focused to become a one stop shop for B2B electrical and industrial products. Spearheaded by Brijnandan Mundhra (founder), the portal works tirelessly to bring revolutionise this industry and bring it online.
Mundhra, holds a MBA degree from University of Pittsburgh with a background in finance. In conversation with ADC, Mundhra reveals his vision to reach revenues of US$ 100 million and establish Industricals.com in all the major states of India within the next five years!
What is the idea behind Industricals.com?
"You can either ride the wave or get trampled. Old companies are dealing with destruction and not disruption" ~ Ram Charan, Global Business Advisor
The current B2B market scenario in India is dynamic & invigorating. With online players creating newer markets and offline players rapidly developing their business to stay competitive, the business environment is conducive to growth, innovation and experimentation.
To specifically point out, for the e-commerce players the greater assortment of products, reduced search costs, and ability to offer hyper-competitive prices works as an advantage. For the offline players, the ability to be a high-touch service point, trust and instant gratification work as benefits.
The business that can seamlessly bring together the best of these two worlds can result in powerful customer propositions and market creations of the type that has never been seen before. This is Industricals.com!
How big is the potential for a business like yours?
According to some rough industry estimate -- B2B e-commerce is a $500 billion market at its early stages in India. There are 4.8 crore SMEs that need to secure bulk supplies. A report by Frost & Sullivan suggests that by 2020, the B2B e-commerce market will be worth $12 trillion. This trend makes B2B e-commerce almost thrice as big as the B2C market.
How do you plan to scale up?
Unlike many of the current players, we come from a legacy of large-scale brick and mortar distribution of industrial products in India which thrives as well as survives on profit. Since our motive is to make profits, our current focus is on the electricals vertical that operates in the state of Maharashtra alone. Based on the tremendous response that we have received here since the past 5 months, we are now starting operations in Goa and Karnataka. Our plan is to start operations in 1-2 states every 3-4 months.
Where do you see yourself five years down the road?
Our vision statement is “Leadership in Distribution – Always”.
Having already established ourselves as leaders in the space of distribution for our legacy business, we now want to create this leadership position in the online B2B ecommerce business too.
To do the above, we will be following a multitude of parallel strategies in expansion, i.e. increase of product categories, geography as well as customer categories.
Apart from the above strategies of organic growth, we will be constantly scouting for opportunities to create partnerships with other B2B ecommerce business that are finding it difficult to grow in the tough economic environment and investment climate.
In brief, we wish to reach revenues of US$ 100 million and establish Industricals.com in nearly all the major states of India within the next five years!