Noida-based startup Bid4Best registers over 30,000 SMEs on its B2B e-marketplace

New Delhi, Jan 6 (KNN) Bid4Best (B4B), an intelligent marketplace that aims to ease the procurement process of MSMEs has about 30,000+ small and medium businesses registered on their portal and are growing across India.

Speaking exclusively with KNN India, Co-Founder Gaurav Sonkar said, “We have managed to produce the best outputs from users in such harsh conditions and even registered a growth of 395% (Top Line) & 190% (Bottom Line).”

Mentored by Ashish Jain, CEO at The Startup Board, Bid4Best Technologies aims to provide their clients an opportunity to run their business remotely and find new buyers and sellers from various parts of the world, with just the click of a button.

Talking about their business founded by Jayant Singh and Gaurav Sonkar, the latter told KNN India that the startup saves time for the procurer of goods and services in the MSME space with its smart platform.

“Bid4Best (B4B) is an intelligent marketplace that aims to ease the procurement process. It connects Bulk Buyers & Sellers through an automated process and aims to drastically reduce the time frame of getting quotes and reduce the pain on multiple bid evaluation, procurement processes and bring out the best possible quotes for your small and medium businesses within the shortest span of time,” he said.

The tech based startup has a Reverse Auction model as its spine and is fuelled by Smart Algorithm and Advanced Analytics to revolutionize the whole B2B Procurement Ecosystem and drive innovation for their users.

The platform uses advanced algorithms and automation techniques to ease the procurement process by reducing the time frame of getting quotes and bringing out an effective price comparison between different vendors.

Highlighting the ideation behind the startup, he said “Whole doing some research on MSME in India, Bid4Best realized that procurement as a function is not very well organized and existing solutions are either broken or non-existent as per current market demand.”

“We found the problem and purpose where we would like to bridge this gap through Technology and started working on the same and Bid4best was the result,” said the co-founder.

Reflecting on their prospective technological innovations, he told KNN India that the startup is working on some innovative idea to enhance the productivity of the Indian MSME by easing their End-to-End Procurement.

“In the coming time MSME's will be able to procure the best deals with in few clicks. Better than any other corporate procurement system and will save time, money, and efforts,” he said.

Explaining their vision for the next five years, the founders said they would aim to accommodate a digitally connected and linked value creation platform for India’s Economic and Social transformations for MSMEs by 2030.

The future forecast of Bid4best (B4B), the founder said that, “B4B’s Transparent and Open Bidding Platform will trigger the competition resulting in More Value Focused Deals. This will not only save money but also mitigate the Risk & Challenges from regular Procurement channels.”

They also intend to help MSME and unorganized organizations to grow faster with better profitability.

Moreover they plan to achieve Value-creating purchasing for MSMEs and staying sharp in the Supplier Ecosystem.

“We see us enabling a growth framework for our MSMEs and creating an innovative and digitally transformed ecosystem for India,” they said.

The startup also aims to have a market share of MSME procurement by 25%-30%.

Calling the government’s focus on MSME as pragmatic, the startup is of the opinion that the sector requires a strong execution of the policies implemented.

One of the main challenges the startup continue to face is to find the go-getters with never-give-up attitude members for our team who are equally enthusiastic and passionate about transforming the future of MSME.  (KNN Bureau)