Lal10 building technology led seller ecosystem for MSMEs
New Delhi, 10 Jan (KNN) Lal10, a wholesale marketplace for rural MSMEs in India has registered an 80% month-on-month revenue growth in the last six months.
According to the Lal10 co-founder, over 1.2 million creative manufacturing MSMEs are struggling to reach markets amidst Covid as the traditional supply chain of exhibitions, middlemen, and export houses have collapsed.
Lal10 is building a technology-led seller ecosystem for MSMEs in the creative manufacturing sector. The company is supporting MSMEs in building digitalised web stores that are accessible to domestic and global markets.
Maneet Gohil, co-founder and CEO, Lal10 (an online B2B wholesale marketplace for rural SMEs), realised market access was an issue for micro, small and medium enterprises (MSME), who had to rely on traditional domestic markets and sell products through trade shows, exhibitions, middlemen, or export houses.
None of these MSMEs knew how to access international markets or had the basic design knowledge to make their products contemporary.
Lal10 is providing SMBs with the benefits of a big-box retailer, which includes affordable sourcing, contemporary design curation, and an assortment of products.
Our design insights on products that are bestselling help MSMEs to improve their designs and sell better. This lets them be equipped with adequate design support to create products in contemporary designs for the global markets.”
Small manufacturers registered on the Lal10 platform have been using Lal10’s Karigar app to digitise physical inventories which are available for request for quotations (RFQs) on the global wholesale platform.
Over 2000 MSMEs have digitalised more than 45,000 SKUs using the application. This makes the company the largest vertical platform for MSMEs for cross-border wholesale in India,” says Gohil, adding, “Today the company is hitting close to USD 7 million in annualised run rate and is growing to USD 22 million in annualised run rate in FY 23.”
“We are planning to tap into the export market more aggressively since we have witnessed a significant increase in the number of global buyers visiting our platform.
We also have plans to launch a warehouse in the United States and a few of the European markets. We are also beginning to set up on-ground sales teams in the US. For our international buyers, we are also actively expanding our seller reach in southeast Asia, to countries such as Thailand, Vietnam, Indonesia, and the Philippines,” says Gohil.
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