Industricals.com is a B2B e-commerce portal which aims to bring together all electrical and soon industrial products under one roof. Basically, everything that is used in manufacturing, construction, maintenance, services and commercial operations is available on Industricals.com. The business is targeted at, but not limited to, small, medium and large-scale businesses, contractors, architects, interiors, electricians, traders, retailers and individuals.
The current B2B market scenario in India is dynamic & invigorating. 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, credit options & 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!
Shree NM Electricals, India’s largest distributor of electrical supplies and Unilog, a global technology company specializing in e-commerce software and product data management in the B2B marketplace are the backbone of Industricals.com.
1.What is the Name of Your Venture?
2.Who is your target Audience?
The business is targeted at, but not limited to, small, medium and large-scale businesses, contractors, professionals (architects, interiors, electricians), traders, retailers and individuals.
3.Where is your venture based (city, state, country) & What are your target areas?
In the B2B space; taxation and freight costs play a very important role in revenues and profitability. Hence a physical presence is required in the states that we wish to operate.
Through our legacy brick and mortar industrial product distribution business, we already have an existing presence in 21 cities across 13 states but we have currently rolled out the online business only in the states of Maharashtra, Goa and Karnataka.
4.What problems does your venture solve? What are your products or services.
Industricals.com is an B2B procurement platform founded on the values of honesty, dependability, growth and fairness which aims to bring together all electrical and soon industrial products that are used in manufacturing, construction, maintenance, services and commercial operations.
Our platform helps in price discovery, bringing transparency and compliance in the purchase system deriving bottom-line savings for our customers.
5.Share the idea or story behind the venture. How did it come to an existence?
The current market scenario in India is dynamic and 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 immediate/added 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!
6.How did you identify your co-founder?
I do not have a co-founder.
7.What expansion plans are you looking for the next 2 years, next 5 years?
Our vision statement is “Leadership in Distribution – Always”.
To achieve 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.
Based on the tremendous response that we received in Maharashtra, we have recently started operations in Goa and Karnataka. Our plan is to start operations in 1-2 states every 3-4 months.
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!
8.Where do you want to see yourself in next 5 years?
Having already established ourselves as leaders in the space of distribution for our legacy business, we now wish to create this leadership position in the online B2B ecommerce business too.
9.Have you raised any funding? Or have any plans for the funding?
Shree NM Electricals, India’s largest distributor of electrical supplies and Unilog, a global technology company specializing in e-commerce software and product data management in the B2B marketplace are the backbone of Industricals.com
Hence, we want to create the initial trajectory on our own internal strengths. Having the achieved the above, we will look out for external funding to achieve the next level of growth.
10.What were the problems you faced during the starting days and how did you resolve them?
Since the partners have the requisite backgrounds, we did not face too many issues to get started. The only trouble was to get the stake holders to seriously considerand align themselves to look at the B2B ecommerce opportunity in India.
11.Are you married, single or in a relationship?
I’m a father to a naughty 5-year-old and husband to a beautiful wife.
12.What are your hobbies? What do you do in your non-work time?
Reading (non-fiction), Running and Yoga. All the above collectively give fodder to the brains and help build the required stamina to carry on in this marathon called life.
13.Whats your favourite food & holiday destination?
I’m not much of a foodie and try to stick to a healthy diet. While at home, its usually Indian. Outside, the preference is strictly non-Indian as its usually lighter on the stomach.
A good holiday for me is any destination where the family and I can spend enough time walking on the streets, soaking in the city and stopping every now and then for a cup of coffee or some bite to eat. This can be in a quaint town like Bikaner/ Mussouriein India or anywhere else in the world. We are happy to explore and experience!
14.Whom do you consider your idol or biggest motivator?
The legacy that I have been handed over is my biggest motivator. I’m just trying to make sure that I give back more than I have received!
15.What do you feel is the major difference between entrepreneurs and those who work for someone else?
Usually the entrepreneur unlike the professional has found their passion and know what they want to do with their life. Contentment is then linked not only to success or failure but from the fact that he/she gave it their best.
16.If you had the chance to start your career over again, what would you do differently?
Truthfully nothing. I think all the various experiences, good as well as bad make me what I am today and if given chance to start over again, I would do it the same way again!
17.How has being an entrepreneur affected your family & Social life?
Entrepreneurship in India comes with its fair share of difficulties and no great business can be built without sacrifice. Having accepted the above, the entrepreneur needs to constantly make efforts to maintain the balance in all spheres as far as possible.
18.Anything, you would like to say to our readers or upcoming entrepreneurs?
Find your passion. Once you have found it, give it all you have. Success or failure is not really in our hands. What matters is you gave your best in every situation that was handed to you!
19.Tell us something about your education & family background.
Brought up in South Mumbai in a fairly traditional marwari set-up, I have a background in finance with a MBA degree from the University of Pittsburgh. Blessed to live in a happy joint family with parents, uncle, siblings and of course my wife and daughter.
20.What is your USP which makes it unique & different from other start-ups in similar domains.
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. Hence our focus is not to exit the business in a short period but to build a sustainable business that will survive for years to come. Since our motive is to make profits and sustain, we have started in a focused manner on the electrical vertical and will constantly increase, both the product categories and locations we operate in a phased manner.