KOCHI: While traditional e-commerce focuses on retail users and selling items that fit in small packages, there is a website which has adopted the model for products that are far far larger, think earthmovers and cement mixers. With the massive push for infrastructure development by the Government, iQuippo, an online construction equipment seller, seems to be reaping the benefits and has already become the largest marketplace for CME (Construction Management and Equipment) in the country. The platform offers total solutions for all types of construction and mining equipment and also provides value added services like asset certification, valuation, parking, maintenance, logistics, spare parts and manpower. Sellers can upload asset details and images, and transact with buyers instantly.
Started in October 2016, the company saw a gross merchandise volume of Rs. 1500 crores in the past 8 months and assists customers with the complete lifecycle of construction, from asset purchase to finance, deployment, management, upkeep and decommissioning. The model, largely deals with a sector which is growing by 30% and yet remains largely offline. Buoyed by the amount of interest shown in their product, the company is now planning to start listing spare parts as well.
Anant Raj Kanoria, CEO, iQuippo, says, “When iQuippo started its operations in October 2016, all the activities related to purchase/sale - intelligence gathering, product comparison, price negotiation and financing - were being done offline.The key issue which iQuippo is trying to address is digitizing and simplifying negotiations. By allowing data analytics and getting all stakeholders on one platform we want to allow transparent negotiations creating a win win situations for all and remove inefficiencies in the system.”In just the few months since its inceptions, iQuippo has garnered a base of 18,000+ registered users.
iQuippo serves users from individual equipment owners to SMEs, contractors, financial institutions and large corporates. Anant also adds proudly, “There is no competition to our platform nationally or internationally as no platform offers such wide variety of services including financing on a single platform. Except iQuippo, no other platform is providing the complete range of services required throughout the lifecycle of equipment.”
Going forward, the company plans on tying up with multiple manufacturers, dealers and sellers to widen their horizons in selling CME. “iQuippo is also onboarding some of the largest banks & NBFCs in the equipment financing space with the aim of providing instant funding at the cheapest possible rates,” adds Anant.
Big Plans
In just 2017 iQuippo has done a Gross merchandise value of R1,500 Crores
They flaunt on being the largest marketplace for CME equipment in India.
The platform is already processing more than 200 Cr of financing in the last three month.
They plan on getting their registered customers from 18,000 to 1,00,000
iQuippo aims to conquer 60% of a $7 billion market internationally