At the Connecting Ideas With Money session that took place on the 11th of April, 2023 founder Bhavesh Barot is seen pitching Bangalore-based Factoryjet – a B2B marketplace for construction materials that is at the early revenue stage.
website:- https://www.factoryjet.com/
App:- https://play.google.com/store/apps/details?id=app.factoryJet.com
“FactoryJet enables retailers to source goods such as electricals, hardware, plumbing, paints, tools… etc….. directly from the manufacturers at the most competitive prices and avail credit via our fintech partners,” says Bhavesh.
“We offer a B2C-like shopping experience to B2B buyers. Retailers can download FactoryJet mobile application from the Google Play store, and register with Mobile number and GST. Once registered, shopkeepers can browse products, add products to a wish list or cart, and check out with either pay later..up to 60 days credit limit… or pay now…. conventional payment methods just like you and I do when using some of the best e-commerce marketplaces.”
The startup noted that retail store owners and operators in the building materials industry are challenged by
ever-growing competition from all sides. This has limited their ability to scale and achieve targeted profit margins. The only area where retailers can boost margins is by sourcing the products at the most competitive prices.
Retailers also only have a few options since they rely on a handful of suppliers and some brands. Trust and timely service are two of many reasons that deter retailers from buying directly from the factory, despite knowing who the manufacturers are and where they are located. Similarly, most of the manufacturers lack the resources to scale, to set up a distribution channels of trusted trading partners who in turn must have sufficient financial resources and
know how to promote their products, appoint and expand dealer and sub-dealer networks, boost sales and most importantly, pay back the manufacturer on time.
FactoryJet was started with the aim of empowering micro-enterprises, to enable retailers and manufacturers of all sizes to trade hassle-free. Their B2B mobile-first platform offers a wide assortment of products, brands and manufacturers. unavailable to a retailer today. The startup also builds trust between parties by providing end-to-end logistics support, exchange and return in case of wrong product delivery or manufacturing defects, and replacement in case of warranty issues.
Their BNPL service ensures that retailers do not have to make the payment upfront. This takes away liquidity-related problems and concerns about whether the items will be delivered. With all these services Factoryjet eliminates the friction from trade between manufacturers and retailers.
Bhavesh has built a plumbing, bathroom fittings and tiles distribution businesses along with his family and understands all these challenges first hand. He therefore set out to solve this problem for manufacturers and retailers. He quit the traditional business in 2015, learnt the ropes of the online business by working in startups and then launched Factoryjet.
Team:
The startup has a team of four – three full time employees and one tech cofounder who works part-time.
Bhavesh Barot
UG, 15+ years total work experience. 10+ years building materials industry experience.
Rajapandian Alagarsamy
B.Tech – Anna University
15+ years experience building scalable systems
