Visakhapatnam based start up Texfy, founded by Raghunath Penumarthi, Akhil Teja Dandamudi and Srinivas Reddy Yarragudi , being mentored under NASSCOM’s 10k startup programme at its warehouse set up at Sunrise Incubation Hub, Rushikonda is launching its B2B (Business-to-Business) e-commerce marketplace from July.
Their aim to connect retailers of AP and Telangana and manufacturers in textile industry across India under a single platform. Texfy’s platform may come as a boon to the unbranded neighbourhood retail fashion stores, which will enable them to procure stocks at wholesale rates thereby saving substantial channel margin.
Mr. Raghunath, one of the founders, said that they worked on the product development for nine months and did a three-month trial period. Now, they are open for distribution and will be soon operational once the GST is rolled out by July.
The startup has already tied-up with over 35 textile manufacturers from Tamil Nadu, Karnataka, AP, Maharashtra, Rajasthan and West Bengal and will be connecting them with retailers in AP and Telangana.
Retailer’s traditional wholesale procurement involves travelling to various places with multiple hassles which are hectic and tiresome. The presence of multiple middlemen decreases their profit margin. Traditional procurement compels them to invest huge amount on the stock which blocks the capital. Their platform will address this critical issue.
The startup allots local e-distributors to guide the retailers and provide assistance. These e-distributors can earn without any investment on stock, Mr Raghunath added. Once the transactions start, the startup founders plan to go for the first round of funding.
Using Texfy, retailers can order small quantities at regular intervals at low prices. Texfy also provides credit facility, booking facility, doorstep delivery along with seven days return policy for retailers.
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