L&T-SuFin: Unique B2B E-Commerce Marketplace Connecting Msmes Across The Country

Bhadresh Pathak,<br>Business Head

Bhadresh Pathak

Business Head

The advent of e-commerce has brought about new perspectives to the B2C transaction patterns and has made buying and selling very smooth and seamless. However, when it comes to B2B, we can still witness the transactions happening bilaterally and within a specified geographical area. It is because of the lack of trust in both buyer and seller side, nonavailability of timely credit and competitive logistics for fulfillment of goods ordered. In order to create a solution to this problem, L&T has recently launched a B2B e-commerce marketplace named L&T SuFin.

It is an integrated platform for buying and selling of industrial products and avail services such as working capital and logistics. Backed by L&T, one of India’s leading manufacturing, building & construction companies, L&TSuFin is poised to transform the B2B marketplace. It enables businesses, especially MSMEs, to source their industrial supplies from all over India, digitally and cost-effectively.

Back in February 2020, the platform was first conceived and launched as an MVP (minimum viable product) and started growing from customer feedback. L&T tested the platform in its own departments and also through many external customers in order to perfect the user experience. Since we launched in MVP, the platform gave out a very good response and it was only in March 2022 that we launched a full-scale version. “Currently, we have 30000+ entities dealing on the platform”, states Bhadresh Pathak, Business Head, L&T-SuFin.

Standing Apart
There are a few aspects of L&TSuFin that comprise the unique value propositions of the platform. First is the level of trust that it is trying to create. It is connecting buyers and sellers all across the country so that everyone has access to the wide range of products that are available and not only the products that are available in immediate vicinity.

Designed to be highly secure platform, L&T-SuFin onboards sellers and buyers after verifying their KYC documents. It also grants verified and trusted seals after due diligence of the entity to increase credibility amongst buyers and sellers.

This level of trust gains more value when there is a promoter such as L&T. Second is transaction fulfilment. All the transaction happens through L&T-SuFin platform itself and this adds a lot of value to the trustworthiness of the platform. L&TSuFin ensures accuracy and timeliness of fulfilment through the onboarded logistics partners. “There are a lot of B2B marketplaces in the country, but it is only L&T-SuFin that offers this kind of feature, and it makes the platform unique,” states Bhadresh.

L&T- SuFin platform allows to avail logistics support from carefully vetted partners, that delivers full load & part load delivery to 21,000+ pin codes across the country. It is the wide network of L&T itself that comes into play here. Suppliers can have complete trust on the delivery of goods within a specified timeline.

L&t-sufin enables businesses, especially msmes, to source their industrial supplies from all over india, digitally and cost-effectively.

Last but not the least, L&T-SuFin provides financing options which is enabled through a gamut of products like Overdraft, Term Loan, Invoice Discounting, Vendor & Dealer Financing, Equipment Financing from multiple lending partners. “Sometimes we can witness that business transactions do not happen owing to the lack of working capital with dealing entities. It is this problem that we are trying to solve here. With working capital provided, business operations become smooth for everyone involved in the transaction”, mentions the Business Head.

Future Endeavours
L&T-SuFin will double the number of listed products within a very short period of time. “We also want to get into the overseas market for the listed products and transform the dealing experience of the parties doing cross border transactions through the platform in the long run”, concludes Bhadresh.