Currently, the company is targeting small & medium-sized buyers (SMBs) in the United States, United Kingdom, and the Middle East using efficient data analytics and aggressive marketing.
Enabling creative manufacturing for India’s micro-, small- and medium-sized enterprises (MSMEs) to easily digitize, manage and sell their inventories for cross-border wholesale, B2B online wholesale marketplace Lal10 has recently announced that it registered 80 percent MoM revenue growth in the last quarter (July – September) and, has on boarded 600 MSMEs with 15,000 SKUs digitized in the last quarter. Contributing to the government’s Make in India vision, the company is enabling MSMEs to build digitized web stores that are accessible to domestic and global markets. The company is also providing SMBs with the benefits of a big-box retailer, which includes affordable sourcing, contemporary design curation, and an assortment of products.
Founded by Maneet, Sanchit, and Albin, three engineers from IIT Madras and DCE, Lal10 is building a technology-led seller ecosystem for MSMEs in the creative manufacturing sector. Most of these manufacturers are mobile-first and have been dependent on the traditional supply chain like a tradeshow, middlemen, and export houses. With pandemic, the traditional supply chain has been disrupted. Small manufacturers have been using Lal10’s Karigar application to digitize physical inventories which are available for Request For Quotations (RFQs) on the global wholesale platform. Amidst the pandemic, the company has also been working with small, medium businesses to create an efficient alternative with innovative technology-led solutions catering to large and untapped supplies. Currently, the company is targeting small & medium-sized buyers (SMBs) in the United States, United Kingdom, and the Middle East using efficient data analytics and aggressive marketing.
Commenting on the announcement, Maneet Gohil, Co-founder, and CEO, Lal10 said, “We founded Lal10 with a vision of bringing light into the lives of MSMEs with a fragmented supply chain in creative manufacturing. At Lal10 we are creating innovations in technology for over 1.19 mn MSMEs. We are creating an Alibaba of creative manufacturers from India.” The company had earlier raised $1.1 million, led by Utah-based impact investment company Sorenson Impact. In addition to this, leading Indian angel investors including Slideshare’s Amit Ranjan, former Flipkart CTO Mekin Maheshwari, Pravin Gandhi from Seedfund, along with investment from funds such as Beyond Capital, Pegasus Finvest, Upaya Ventures, Angellist Collective and Gemba Capital also participated in the round.
Source: Business World