Suchit Kumar, CEO of TEXUB in conversation with My Startup World talks about the response its company has gotten since the launch of its global B2B marketplace and how the company is working hard to be a truly global player.
How do you see the B2B marketplace market shaping up and what was the driving factor for you to launch TEXUB?
The B2B marketplace market has seen significant growth since the pandemic. It has benefitted distributors from the opportunity to compete on value propositions instead of price, and to deliver unique value with access to inventory.
TEXUB is an initiative to prepare for the inevitable where the post-pandemic reality of business transformation has moved onto digital platforms. A true B2B marketplace, TEXUB is a convenient platform that facilitates distributors, buyers, resellers and brands within ICT industry.
What inspired you to choose the name TEXUB?
TEXUB is a combination of TECH & HUB, we are a digital platform that enables companies to trade commerce and IT tools. Tech and Hub are respectively two words combined together to make it “TEXUB”.
How did you raise the capital to fund this venture and did you face any difficulties to raise those funds?
Raising capital is crucial for any business and marketplace business needs respectable funding from seeding to scaling stage. We have been fortunate to have some very good investors on board who understand the potential for IT & Mobility markets, B2B Trends, Marketplace, and ecommerce understanding. Our investors have a clear vision to make TEXUB a global player.
What challenges did you face in the initial phase of your startup and how did you overcome them?
When you enter the B2B marketplace market, you must face various challenges, simultaneously you also have many opportunities to enter a niche market. We managed our challenges well and never had any issues. We were positive in our approach and aligned with the right financial projections, business forecasts and technologies.
B2B marketplace is a growing trend over the past few years, what is your strategy to find your niche and how do you intend to grow?
We aim to be truly global in our approach and offer our customers the choice to do business. We will invest in technology and people and ensure a complete ease of doing business whilst also ensuring we have the full spread of buyers and sellers across the platform providing the best opportunity for all customers to experience growth.
Since the formal launch, how has been the reaction from the market?
There has been a tremendous response from the across globe and the reactions have been very encouraging. We exceeded the number of traders on boarded on our marketplace than was earlier estimated, as the B2B marketplace concept is very appealing to both sellers and buyers in terms of getting the right prices on a global level, potentially to save more by trading on a digital platform. Buyers and sellers worldwide have been able to connect on the platform and trade easily and seamlessly, turning out to be a win-win situation for both sides.
As a global platform, which countries are you currently present in and how many countries do you expect to cover by the end of this 2023?
We are currently present in multiple countries worldwide, with offices in the UAE, USA, India, Netherlands, and Singapore. We are also implementing manpower in countries where we don’t have offices yet so that we can still start onboarding and connecting people.
How are you going to negotiate with various formats of taxation, import-export, logistics, legal and marketing concerns of each specific country?
We are an international company and ensure that we are fully complaint with all laws and regulations.
What is so unique about your marketplace that people should explore the option of working with you?
TEXUB is uniquely positioned as a channel facilitator – to encourage business without borders, and with our global five selling hubs, we provide buyers with a wide range to explore. The portal helps buyers to better their buying reach and the seller to get a wider market without additional CAPEX and OPEX. Additionally, Channel partners can scale their businesses and enhance their products in the new territories. And, strategic regional tie-ups with prominent industry vendors would help both TEXUB and its vendors grow substantially in the market and boost business.
Where do you see your company stands after 3 years?
TEXUB has been exceeding the challenging expectations of stakeholders since the official launch, and looking at the future business forecasts, I believe, TEXUB shall grow business revenue with global expansion into potential markets via new channels, improving profit margins, increase brand recognition, global presence, and scaling operations to service the new markets and customers you are reaching.