This startup is a fast-growing cross border wholesale platform for creative Indian products
Akankshya Mukherjee, Mumbai Uncensored, 13 th January 2022 :
Mr. Maneet Gohil is one of the Co-Founders and Chief Executive Officer (CEO) of Lal10 which is a Noida based startup which enables creative manufacturing Micro, Small and Medium Enterprises (MSME) to sell, digitize, and manage Indian Crafts globally in wholesale markets. Lal10 is a private company which started in January 2016, aims mainly for profit. Other founding members are Mr Sanchit Govil and Mr Albin Jose.
Lal10 is an online B2B, Business-to-Business, wholesale marketplace for Rural Small and Mid-Size Enterprises (SMEs). He was fascinated by the creative manufacturing Industry in India when he visited his grandfather’s Leather footwear manufacturing unit in Jalgaon, district in Maharashtra. Realization hit him when he understood that MSMEs have less access to markets compared to industries and manufacturing units, they relied on traditional markets, trade shows, exhibition, middlemen or exporting houses for selling their products. The MSMEs never had the exact idea about the International Markets or the basic knowledge, design to match their products in the current era.
Mr Gohil completed his MBA in 2015 and joined Flipkart where he witnessed expanding a machine’s capability i.e. scale technology. He says he was very much inspired by the Co-Founders of Flipkart, Sachin and Binny who were demi-gods and and inspiration for aspiring entrepreneurs. He also mentions that he got in touch with his former colleague, Mr Sanchit Govil and friend, Mr Albin Jose; they
together travelled to 18 states and met 6000 Small and Mid-Size Enterprises (MSMEs) before starting up Lal10 to understand what problems they need to solve.
As of today, Lal10 is one of the largest vertical wholesale Indian marketplace for creative manufacturing Small and Mid-Size Enterprises (MSMEs). Mr Gohil quotes that Lal10 is on a mission bright up the lives of the rural MSMEs by breaking up the supply chains of manufacturing units. Lal10 has been created as a maker’s revolution by digitizing alongside the small and medium rural manufacturers taking their products to Intercontinental markets.
In contemporary time, Lal10 has been able to support over 1.2 million creative manufacturing MSMEs who struggled to reach the markets due to supply chains and exploitation. It aims to build up a
technology-led selling ecosystem for Small and Mid-Size Enterprises (MSMEs). The company supports MSMEs in erecting digitalized web-stores that access domestic as well as global markets, and supply
Small and mid-size business (SMBs) with perks of Big-Box Retailer, including affordable sourcing, new curated design, and a mixture of products. Small manufacturers who have registered on the Lal10
platform can use the la10 Karigar app to compute the available inventories which can request for quotations (RFQs) on the global platform.
Mr Gohil further adds that the adoption of technology alongside supply side with MSMEs is efficient. More than 2000 MSMEs have digitized more than Stock Keeping Units (SKUs) using their application. The company has hit more than $7 million and has grown up to $22 million in the Financial Year (FY)-23. During March 2020, the company was able to raise $11 million from private investors such
as Utah based impact investment company, Serenson Impact, and Indian Pegasus Finvest, Upaya Ventures, Beyond Capital and many more.
The company now is planning to extend their outreach more to increase global marketers and buyers to come visit their platform. They have plans to launch a warehouse in the States and a few European markets. For International buyers they have planned to reach out their sellers in Southeast Asia as well in countries such as Vietnam, Philippines, Indonesia, and Thailand. The company is also investing a huge amount on technological innovations of their platform. The design insights of the bestselling products are most appropriate for helping the MSMEs to improve their design and sell. With adequate design support the company can create products of contemporary designs for the markets, adds Mr Govil.
