Standard Chartered backed B2B e-commerce platform, Solv launches in Chennai
The pureplay marketplace platform will be available for MSME buyers & suppliers in the FMCG & HoReCa segment in phase 1 of the launch
Chennai, 11th August, 2021: Solv, the Standard Chartered backed B2B e-commerce platform for micro, small and medium enterprises (MSME), today announced the launch of its operations in Chennai, Tamil Nadu, offering them the benefits of digitising their entire trade and accelerating their growth through a host of financial and business solutions tailor-made for the sector. This follows the launch of its Hyderabad centre in February 2021, enthused by the growing need for digitisation by MSMEs, especially in the FMCG segment. With this launch Solv aims to provide its platform service to food & grocery sellers like-small manufacturers, wholesalers, traders & MSME buyers like kirana stores and small & medium scale hotel & restaurant chains in markets like Adyar, Poonamalle, Vadapalani, Ambattur, Tambaram, Velachery, among other areas in Chennai, to begin with.
Solv’s full-stack, technology led e-commerce platform provides its customers a strong trade network with access to new trusted buyer-seller ecosystem. Solv is supported by a huge open network of financial services for the MSME ecosystem through pay-later and supply chain finance programs. It offers timely and easy access to finance with schemes like “Buy Now Pay Later” (BNPL) and helps simplify business support functions. All this at a time when traditional lenders have turned largely risk averse due to a weak economy.
Solv helped keep supply chains running, during the Covid-19 lockdowns, by ensuring that goods reach the buyers – Kirana shops’ door-step– on time, through procurement from reliable sellers (MSMEs themselves), on ground logistics support through their local networks. Digitizing their operations has helped small businesses strengthen and streamline their processes like procurement, billing, and payment, making them compliant to industry standards and increasing their efficiencies, becoming quality conscious and competitive, leading to business growth. Solv already has 60,000+ verified MSMEs on its platform and has recorded 70%+ repeat buying in H1 of calendar year 2021. The platform is recording a robust 80%+ q-o-q growth in volume of goods traded on its platform and delivering over 350 tonnes of goods on an average every day.
Focusing on the regional significance of the Chennai launch, Amit Bansal, CEO, Solv said, “Tamil Nadu accounts for the largest number of Micro, Small and Medium Enterprises (MSMEs) in the country. We are excited to be in this market and to extend our support to the MSMEs. With our pureplay marketplace platform, we are here to enable & democratize technology for micro & small entrepreneurs; helping them expand their businesses and better service their customers across the country. Operating in a trusted environment, provided by SOLV, MSMEs can discover and connect with suppliers, buyers and peers for growth and get access to on-demand financial services and business solutions. We are also looking at engaging and collaborating with various industry associations and helping bring about a substantial shift in how the MSMEs transact, procure and sell their goods.”
On being associated with Solv, Mr Vinod Narayanaswamy, Proprietor, Iswariyam Traders, said, “Solv presents good opportunities for sellers such as us to expand our reach and find new buyers. Solv also provides us the convenience of doorstep pick-up and last mile delivery along with timely payments, so we don’t have to worry about these operational details at all. We are excited to have Solv’s B2B digital marketplace in Chennai and are looking forward to partnering with them and growing our business.”
Expressing his delight at finding a comprehensive and trusted marketplace like Solv, Mr Pushparaj, Proprietor, Ram Stores, said, “As a buyer, my main concern is to source good quality products for my store at the best price and at the right time. Solv’s B2B digital marketplace app helps me discover new trusted sellers from who I can source my supplies. The Solv app is very user friendly. I can order from my store and get door-step delivery; this is hugely beneficial, given the current Covid-19 situation, wherein going to the mandis is fraught with risks.”
Since its inception in 2019, Solv has been focused on digitising entire supply chains across various sectors, including FMCG, apparels, mobiles, and accessories as well as HoReCa. Many small businesses that previously had no digital identity are now able to leverage the power of a full-stack e-commerce platform that allows them to have their own digital store fronts, access a wide range of products at the best prices, optimise their inventory, digitise their payments, generate goods and services tax compliant invoices, and reconcile their accounts. Small businesses on Solv’s platform can also generate ‘Solv score’, an alternative credit score, to establish their credibility with other MSMEs and financial service providers.
About Solv: Solv is a B2B marketplace for MSMEs. The Solv platform facilitates commerce in a trusted environment, while easing access to finance and business services through one seamless digital experience for customers. Solv, registered as Standard Chartered Research & Technology India Pvt. Ltd. is a fully owned entity of the Standard Chartered Group, headquartered in London. https://www.solvezy.com/
Solv now has over 60,000 small businesses exploring the benefits of using its platform, with many who have seen their revenue more than double by being a part of the Solv’s ecosystem of MSMEs.