IndiaMART

IndiaMART, AKTU sign MoU to boost skill development

IndiaMART-signs-MoU-with-APJ-Abdul-Kalam-Technical-University-(AKTU)-to-boost-skill-development-&-employment

Business Standard

India’s largest online marketplace IndiaMART and A P J Abdul Kalam Technical University (AKTU) has announced signing of a Memorandum of Understanding (MoU) to promote skill development and equal employment opportunities to the affiliated colleges of the University.

A one of its kind association, the university is collaborating with a corporate to provide employment opportunities to its cluster of colleges by organizing pool-campus placement drives.

More than four lakh students will be benefited from this MoU as IndiaMART will provide industry trainings and job opportunities to the students of various under-graduate and post-graduate courses like B.Tech, M.Tech, MBA, MCA which are affiliated to the University.

“In the past four years, IndiaMART has hired over 700 professionals from AKTU. These professionals have shown immense talent in various roles like product management, technology and sales. We are excited about this association,” said Founder and Chief Executive Officer of IndiaMART, Dinesh Agarwal.

“We will also provide relevant training to the students, especially in the Digital space. I believe that industry should reach out to the educational institutions to fill the skill gap by providing them with a holistic and job-centric learning environment. Our efforts will be directed towards boosting employability and industry-readiness of these students by preparing them for the hiring needs of corporates,” added Dinesh Agarwal.

“This is a path-breaking association for AKTU as we will be able to provide equal employment opportunities to our affiliated colleges. The students will gain a lot from the expertise of IndiaMART in the digital space and the industry training that they will offer,” said Vice Chancellor of AKTU, Vinay Kumar Pathak.

IndiaMART seeks to hire management and technology graduates from the University. The company had said earlier that it is planning to expand its team in the financial year 2016-17 to expedite growth and customer acquisition. This MoU will create a room for career growth of the students.

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IndiaMART signs MoU with APJ Abdul Kalam Technical University (AKTU) to boost skill development & employment

IndiaMART, India’s largest online marketplace and APJ Abdul Kalam Technical University, Asia’s largest technical university have signed a Memorandum of Understanding to promote skill development and equal employment opportunities to the affiliated colleges of the University.
This is a one of its kind association as it is for the first time that a University is collaborating with a corporate to provide employment opportunities to its cluster of colleges by organising pool-campus placement drives. More than 4Lakh students will benefit from this MoU. IndiaMART will provide industry trainings and job opportunities to the students of various under-graduate and post-graduate courses like B.Tech, M.Tech, MBA, MCA which are affiliated to the University.
“In the past 4 years, IndiaMART has hired over 700 professionals from AKTU. These professionals have shown immense talent in various roles like product management, technology and sales. We are excited about this association as apart from extending our internal employment opportunities to these students, we will also provide relevant training to the students, especially in the Digital space. I believe that industry should reach out to the educational institutions to fill the skill gap by providing them with a holistic and job-centric learning environment. Our efforts will be directed towards boosting employability and industry-readiness of these students by preparing them for the hiring needs of corporates ,” said Dinesh Agarwal, Founder & CEO of IndiaMART.
IndiaMART will also assist the University in revamping their curriculum according to the latest industry requirements. The first step in this direction would be to implement a digital marketing course and initiate project based learning for the students.
“This is a path-breaking association for AKTU as we will be able to provide equal employment opportunities to our affiliated colleges. The students will gain a lot from the expertise of IndiaMART in the digital space and the industry training that they will offer,” said Vinay Kumar Pathak, Vice Chancellor, AKTU.
IndiaMART seeks to hire management and technology graduates from the University. The company had said earlier that it is planning to expand its team in the financial year 2016-17 to expedite growth and customer acquisition. This MoU will create a room for career growth of the students.

Technology is the core of SME innovation: Emerging Business Forum

  • 6th edition of IndiaMART’s annual SME meet kickstarts in Ahmedabad

Ahmedabad, August 6, 2016: India is a market of opportunities, and entrepreneurs need to innovate 360-degrees; not just in products, processes and designs but also in execution. Within this, technology supports new and emerging businesses with proven methodology and tools to put their best innovative foot forward.

This was the conclusion of the inaugural leg of IndiaMART’s 6th Edition of Emerging Business Forum (EBF), held in Ahmedabad. The EBF is an annual ideas and knowledge exchange programme for SMEs conducted by IndiaMART, India’s largest online marketplace connecting buyers and suppliers, in association with ZEE Business. Starting its 6th edition from Ahmedabad, the Forum will go to 13 cities pan- India like Delhi-NCR, Mumbai, Jaipur, Indore, Kolkata, Chandigarh, Bengaluru, Surat, Pune, Hyderabad and Ludhiana.

With Business Innovation at its core, the Ahmedabad meet – attended by 200+SMEs — flagged off a series of multi-city exchange programme celebrating the spirit of entrepreneurship of the Makers of India – the  MSMEs.

Dinesh Gulati, Director, IndiaMART, said, “IndiaMART has been playing a pivotal role in engaging MSMEs / SMEs of the country through its market place as well as various other on-line and off- line initiatives and EBF happens to be one of the key initiatives in that direction only. In the past 5 seasons of Emerging Business Forum, we have travelled across the country to interact with more than 50,000 SMEs and gave them a platform to interact with various industry leaders, successful entrepreneurs, policy makers and financial institutes. Business Innovation is a key factor to leverage many new entrepreneurial ventures and SMEs to the centre stage in India’s growth story. They are already on their way to become potential market leaders – some of them have even joined the ‘Blue Chip’ club within 3-7 years of their beginning. Technology has become an integral building block for most of these successful companies. They show that much more can be achieved given that MSMEs contribute 22% of GDP in spite of the fact that almost 45% of Indian manufacturing has its base among the emerging and small businesses. At IndiaMART we are sure that encouraging innovation along with their entrepreneurial spirit is the key to emerging businesses raising the bar for themselves.”

The speakers of the session included Mr Madhup Agrawal, Sr. Vice President IndiaMART, Mr Pradyumna Vyas, Director, National Institute of Design, and Mr Shailesh Patwari, President GCCI, among others. The stalwarts of the Industry shared their insights on the National and the Gujarat SME ecosystem.

Gujarat has long been referred to as the ‘Land of Entrepreneurs’ given Gujaratis’ business prowess and zeal. The state has been among the foremost to ensure a robust SME sector supported by excellent technical skills, expertise, business-friendly eco-system and proactive government initiatives. Such ground-level advantages have led to highly productive units within. A large number of manufacturing units in Gujarati are now being run by entrepreneur-turned-technocrats successfully catering to the global market. E-commerce has also helped SMEs go beyond the state’s boundaries.

Experts at the EBF highlighted Gujarat opting for progressive commercial models such as Cluster-Based Development Programme. The state has identified 76 manufacturing sectors to invest in where MSMEs have ready and active participation. This will not only ensure a robust manufacturing base within the geography but also encourage cross-vertical participation from the state business community.

The Ahmedabad EBF session specially stressed upon digitization to augment SMEs role in India’s growth. In order to be competitive, SMEs need to integrate technology in their businesses to keep pace with market trends, negotiate and improve overall operations, the participants said.

Read the coverages here.

Emerging Business Forum Season 6 – Ahmedabad

 

Online B2B firms continue to lure venture capital

Financial Express

FC Page 10

Read full article: http://www.mydigitalfc.com/news/online-b2b-firms-continue-lure-venture-capital-370

Every team member adds to your startup culture

Times of India

IndiaMART in TOI

How Dinesh Agarwal built the Alibaba of India

buildingthealibaba

TechinAsia

It was in 1996 that Dinesh Agarwal started to write the names and addresses of small businesses from his apartment in East Delhi. His wife and parents would help in the stamping and sealing of the thousands of envelopes that would be sent across India.

Dinesh would then go to the post office and deposit those huge bundles of envelopes in the mail. About 2 percent would post back with their contact details, phone numbers, business details. He would then list them on a website he built.

That’s how India’s largest business listings website Indiamart began. He managed to get 100 paying clients on board during 1997-1998. The company now has about 1.8 million suppliers on its platform and about 100,000 paying customers.

From Indian railways to exam paper checking

Dinesh had earlier worked at a government-owned IT corporation in the early 90s. He was posted at the New Delhi Railway Station where he would oversee the freshly introduced computerized reservations system.

Getting to know real-time availability was a huge task which technology solved. The success led to a computer revolution even in telecoms where manual exchanges were replaced with automatic telephone interconnect systems, leading to fewer cross connections and higher chances of getting a call through.

He was also tasked by another government agency to work on a technology that would ease paper checking for government exams.

Dinesh correctly realized that the internet would soon change the world. So he decided to return back to India in 1995 to turn an entrepreneur.

“I come from a business family and had saved some money to sustain the business and household,” says Dinesh.

Surviving the dot-com bust

Dinesh, an engineer with HCL in his US stint from 1992 to 1995, got back to India just as the internet was being born.

Everyone was opening a dot-com. And there was a flush of money through venture capital, a game we did not understand.

He returned with a passion to build small websites – and to build a useful database.

He started scanning directory books of the Federation of Indian Exporters and government data to get the names of businesses in sectors like garments, handicrafts, spices, gems, and jewellery.

“Everyone was opening a dot-com. And there was a heavy flush of money through venture capital, a game we did not understand,” says Dinesh, sitting at the 13th floor of his Greater Noida-based office, which overlooks lush green farmlands away from the buzz of nearby Delhi.

Meanwhile, Jack Ma had already started Alibaba in China.

Soon, the bubble burst and lot of dot-coms around the world shut down. Dinesh is known in India as one of the few survivors. ”Dot-com became a bad word. And we became untouchables by prospective clients, employees, even media,” he says.

The September 11 attacks made things worse. Global exporters shrunk, leading some clients to stop renewing their pricey subscriptions to the store.

“We did not fire even one person. And about 50 early employees still work with us,” he says.

Indiamart evolved from simple listings to become a business supply store – like Ma’s Alibaba in China. It survived the crashes and busts and managed to reach 1,000 paying customers in 2001, which paid about US$1,000 per listing. He also cut a lot of costs and froze salary hikes for some months to get past the downturn.

In 2008, Indiamart took the first investment money from Intel Capital to the tune of about US$10 million. And it opened 16 new offices. “For the first time we were spending money and in the next quarter we posted a loss,” he says, indicating at the current models of ecommerce which run on losses and external money. In 2009, the company crossed 14,000 paying customers.

Since then Indiamart has remained cash positive.

Shifting from the big city

The company has moved away from the city to near Greater Noida, which is mostly farmlands surrounded by a few residential buildings. Over 80 percent of its staff travels from New Delhi or Noida to the office. Indiamart arranges pick-and-drop facilities for employees who live in New Delhi or adjoining areas.

“Productivity increases when you move to a cleaner and peaceful environment. Yes, commute time may increase by a few minutes but then people leave early leading to a better work-life balance,” tells Dinesh, who hails from the small town of Nanpara, near the Nepal border. His family owns a gas station there.

From the New Delhi city centre, the commute to the new office takes about one hour. Dinesh is not worried about the distance as he has not seen a lot of staff quit since the shift. He’s also keen to make Indiamart’s offices look as cool as the other startups.

Ecommerce and beyond

From 1,000 listed customers in 1999 to about 1 million suppliers listed in 2016, IndiaMart has come a long way.

“There are around 10 million requests for quotations being generated on our platform each month,” says Dinesh. He has gotten smarter and put a payment barrier between a listed supplier and an interested buyer.

“This has removed a lot of spam too. Earlier, insurance companies, loan companies, even other websites would just pick data from our platform and list on their site,” he says.

Now it’s an IndiaMart call center which comes between the supplier and buyer. The call center brokers the deal and provides relevant quotes to buyers.

The company also started Tolexo, a marketplace for industrial goods. IndiaMart earlier this year raised a series C round of an estimated US$19.4 million from investors led by Amadeus Capital, and followed by Westbridge, UK based Quona Capital and existing investor Intel Capital.

The fresh funds will largely be used for Tolexo, which is run by Brijesh Aggarwal, a cousin of Dinesh’s.

The company grossed more than US$45 million last year and this year is targeting an over 33 percent growth.

The firm is also looking beyond ecommerce. Indiamart has invested in ProcMart and plans to float easy financing schemes for small and medium-sized businesses in India.

Does he fear the arrival of Alibaba, Shopclues, AskmeBazaar and others in the business-to-business market? “India is a big market and we are not worried. Let them enter,” he says, though I get the feeling the pressure to deal with such names always looms large in his mind.

And does he fear the verticalization in ecommerce – like a marketplace just for auto parts, or industrial tools, or chemicals? “Both will co-exist,” he states.

Tips to handle failure

Dinesh has also become an active investor in startups, participating in about 30 deals through consortiums. Bangalore-based Little Eye Labs, which got sold to Facebook, was one of his big exits.

Having started dozens of projects and closed them, he offers some tips for entrepreneurs on failure:

  1. “I believe an entrepreneur has a 100 percent chance of succeeding in life. Everyone I think is born with at least 20 percent of luck. But you will have multiple failures in life. So if you try only once, the chance of success becomes zero. But if you try it five times, your luck at succeeding at it become 100 percent.”
  2. “Don’t do a startup just because it is cool. A startup is a big responsibility. You will have to take care of employees, customers. Raising money should not become the end of it all.”
  3. “For every one success, I have had 40 to 50 failures. Over time my theory has become very simple. If the experiment or project is not even contributing 1 percent to the revenue, it’s best to shut it down and move on.”

Read the article at:  https://www.techinasia.com/dinesh-agarwal-indiamart-story

IndiaMART to raise Rs 100 crore to expand, acquire start-ups

Business Standard

IndiaMART.com, which has been focusing on business to business offerings to small and medium enterpreneurs, is looking to raise more than Rs 100 crore next year to expand its offerings to large companies and new areas of business.

The company is also considering investing in start-ups in related segments such as fintech and logistics to speed up its expansion, said Dinesh Agarwal, founder and CEO, IndiaMART.

The company has raised over Rs 100 crore recently, in a series C funding led by Amadeus Capital with participation from Westbridge Capital, Accion Frontier Inclusion Fund managed by Quota Capital.

The money will be used for investments into expansion of its business offerings to areas which could benefit the company’s customers, including acquiring stake in start-ups that have related operations.

The investment will also go into its retail online platform Tolexo.com, which offers materials required for micro and small industry in small quantities.

Recently, the company has invested in ProcMart, a business to business market place which helps the buyers to get connected with suitable sellers and a step ahead, to get the best three quotations on which they can take a decision on, in a pre-series A funding.

While it has been focusing on small and medium industries earlier, it has identified that large scale companies also connect to its platform for purchases and has started addressing the big buyers with a focus on them. The company would be looking for another fund raising next year, to take its plans further.

It claims that around 20 million buyers access to three million suppliers through the platform for their business requirements. It has around 100,000 paid customers and expertise into 80,000 product categories.

It has posted a revenue of around Rs 300 crore with a growth of 42 per cent growth from previous year. It is aiming at increasing the revenue to over Rs 2000 crore by 2020, said Agarwal.

Read more at: http://bit.ly/29XZuA6

This 20 Year Old Ecommerce Company Is Perfect For The Young-At-Heart

Officechai.com

B2B businesses were usually deemed to be dull and boring, and one seldom hears much about their offices or work culture. IndiaMart however is different. This 20 year old marketplace for suppliers, manufacturers and exporters believes in being a “people first” company. Their fun and colourful office and an employee-centric perks system represents that philosophy well.

The ecommerce company has over 1000 employees, across departments like product, tech, development and operations who work out of this Noida office.

IndiaMART office

The company organises various fun activities throughout the year to keep the employees happy and engaged.

IndiaMART office1

The employees get subsidized lunch, and free snacks are available round the clock.

IndiaMART office2

The walls in the company are done up with fun graffiti and doodles, belying the age of the company.

IndiaMART office3

The superhero wall murals represent the superhero employees of the company.

IndiaMART office4

IndiaMART office5

The company houses various hobby clubs around dance, music, photography and athletics.

IndiaMART office6

The employees get free shuttles till the nearest metro stop and discounted cab rides to their homes.

IndiaMart may not be a young startup anymore, but happening it sure is.

Read the full article: https://officechai.com/offices/indiamart-office-noida/

Digital Marketing: Exploring Possibilities In The Business World

City Bhaskar

City Bhaskar