What made you start your startup and what problem does it solve?
The majority of scientific laboratories in India still follow the traditional system of inviting multiple quotations, followed by indenting, generation of purchase orders and payment to suppliers 30-90 days after delivery. A single purchase-sale cycle thus lasts for months. Even the rate contract system, wherein a vendor is chosen for a particular brand at the start of the financial year, is inefficient as the institute has to rely on a single vendor who might not have stocks readily available and cannot purchase from any other vendor who might have stocks for the required product. Typically a lab buys products from multiple brands so again they need to contact multiple vendors and a lot of time is invested in procuring day-to-day lab supplies. So while a lab in India would take months just to get their supplies; elsewhere laboratories in countries with more advanced purchasing systems would have already completed their project by the time supplies reach the scientist’s bench in India! This is a critical factor that needs to be addressed immediately else India will further lag behind in terms of innovations. Also, inefficiencies in systems lead to increased costs and so scientists spend not only more time but also more money to purchase lab products!
Based on this analysis and the growing consumer inclination towards e-commerce, he (Dr. Jhaveri) found an online platform connecting buyers and sellers of lab products to be a perfect solution to tackle the current problems. Thus, in mid-2016, he launched India’s first online marketplace for laboratory products – Biomall.in.
Read more: https://www.bangaloreinsider.com/biomall-in/