On its way to digitising Indian textile based MSMEs for global B2B wholesale, Lal10, has announced rapid growth, achieving a revenue run rate of over Rs 200 crore. The company’s DNA of understanding manufacturing from the bottom-up for a few years has helped them tap unheard of margins in cross border trade.
It grew over 12x in the past nine months alone and is progressing towards rapid growth in the next few quarters. This run rate comes on the heels of its expanding number of mid-to-large format buyers in countries like the US, UK, Japan and the Middle East. Lal10 has also launched seven satellite offices in cities/towns which are at the ground zero of manufacturing to cater to the rising demand. They are eyeing a $100 million run-rate within the next 12 months. They claim to have over 80% buyer retention owing to better serviceability led by technology tools and stellar leadership team providing a transparent supply chain to global buyers.
Along with the increase in revenue, the company has digitised and given a globally relevant makeover to over 2200 Indian MSMEs with an aim to onboard another 12,500 MSMEs over the next three years. The onboarding will help Lal10 further consolidate its supplier base and digitally activate their supply chains to be able to play in the global markets at scale. The end-to-end design- to delivery technology ecosystem has translated into increasingly captive manufacturing units which allows Lal10 to customise and innovate at a fast pace for global brands. Today, Lal10 is the largest vertical wholesale marketplace for creative goods based MSMEs from semi-urban and rural towns in India. They are current day market leaders in taking sustainable and artisan led textiles from India to the world.
In a statement, Maneet Gohil, co-Founder and CEO of Lal10, said, “We never realised the goldmine we were sitting on until we started utilising the recently raised capital in setting up cross-border operations for sales and marketing. Today we work with some of the largest marquee brands in the US, UK and Japan. The hero for us has become our differentiated textile products that are craft based and sustainable. The buyers have never had access to these fabrics at this scale before and according to their contemporary design tastes which has created a strong hook for them. The teams are moving swiftly to grab more buyers in these countries. Our next goal is to become the prominent and largest supplier for some of the marquee brands and retain them with exemplary service levels aided through technology.”
This IMSME-centric startup has used technology as a pillar to remove systemic inequalities present in archaic indian supply chains which has allowed them to upgrade these manufacturing units as per global design trends, making it a key player in taking up space in global marketplaces on the heels of the slowdown of Chinese exports.