Speaking about the launch, Rahul Gupta, Founder & CEO, Labbazaar, said, “The idea behind Labbazaar was to provide genuine Test, Measure tools and equipment to the customer, who face availability issue with offline channels due to slow moving & high number of SKUs. Using the platform, professionals choose the right product from various range of renowned leading brands at authorized prices. Also, the aim is to offer wide range of products on one portal which helps in maximum customer satisfaction.”
Gupta started his career in the year 2003 in Advertising and then moved into trading of Laboratory Equipments in 2004. Rahul’s innovative bent of mind enabled him to venture into Commercial Testing and Calibration Laboratory Setup. From 2009, Rahul acted as Consultant for setting up of calibration and testing laboratories in Sigma Test and Research Centre. He also founded the Instrumentation Division of SGM Labs Solutions which deals in laboratories equipment’s and labs setups.
The lab supply segment
According to Gupta, the Lab Supply segment is estimated around 10,000 crores. Currently less than 1 percent is done online but it is expected to rise rapidly with growing industrialization in the country.
Gupta believes that there is immense potential in online Lab supply sector which has helped Labbazaar to expand significantly.
Speaking about the scope in the sector, Gupta said, “There is an ample scope in this segment but it is overlooked by current start–ups because other than IT knowledge and skills, this segment also requires strong scientific support team to understand customer requirements.”
However, the challenge in this segment is to bring brands on board, as they fear about disturbing their existing channels.
Mechanism of Labbazaar
The self-funded Labbazaar’s most of the customers are men between the age group of 20-35 and its actively using combination of traditional media and digital media to reach out to our customers.
“Labbazaar is an e-commerce portal that generates revenue from sale of products. Also, we ship directly from the warehouse so there is no involvement of any third party which helps in attaining faster delivery and cheaper shipment, added Gupta.
It maintains stocks for most of its products, and the warehouses are located in Delhi and Bangalore. The venture has partnered with Delhivery, FedEx for its major logistics and also uses India Post for remote locations.
Future plans
Mergers and acquisitions are in trend these days, but Lababzaar has no such plans at the moment. Gupta mentioned that venture is aiming at capturing 15 per cent of total market in the segment 2 years down the line.
“With industrialization, the market for tools and equipment is poised to grow and Labbazaar.in being the first ever venture in selling authorized tools and equipment in testing and measuring segment is expecting a significant share in the market,” concluded Gupta.
