Globalfactory365.com - A B2B Marketplace for Engineering Products And Raw Materials Parts
Founded in October 2014 by Gurudev Singh, New Delhi-based Globalfactory365.com is a B2B marketplace for engineering products and raw materials parts, The startup is solving problem for small business owners who find difficult to access products and technologies globally. It is a good sourcing platform giving more than 2000 category of products and specifications.
The startup is bootstrapped so far however it is planning to raise funding this year. The company has more than 100 verified vendors on its platform. Also, it is planning to launch its app for users very soon.
Talking about the competition and its differentiation factors, Gurudev Singh, Globalfactory365.com's Founder said, “We do not have any such competitor but our business model is something similar to AliExpress and goExW where products can be exported and imported through these platforms, but for engineering category we are the pioneer to offer such services, The idea to start this platform is to make sourcing easy for small business owners who find difficult to get good products on best prices globally.”
Globalfactory365 monetises by charging an amount of $600 from suppliers for catalog and product page. It publishes real time quotations and targeting total 1 million suppliers on this platform.
The company has also launched these services in China with the help of local partner and engaging with Baidu for promotions in China. Its Chinese website will be published soon.
Commenting on the marketing size, Gurudev added, “Total market size for B2B is $1 trillion and we aim to grasp this opportunity as we have been active in India- China business for past one decade, the business between both economies had been breaking all records in turnover.”
When asked about the challenges faced by Globalfactory365.com, he mentioned, “Challenge is to reach suppliers in China and SEO in Baidu but the company is in talks with Tencent QQ email service to reach targeted suppliers in Chinese market as well, however the suppliers will be mainly from APAC and low cost emerging economies.”
