After L&T EduTech, L&T launches B2B market platform for MSMEs
EPC giant Larsen & Toubro (L&T) on March 7 announced the launch of L&T SuFin, an integrated e-commerce platform for B2B industrial products and services. CEO and MD SN Subrahmanyan (CEO and MD of L&T) said that digitizing supply chains to increase the overall global competitiveness of Indian industries if India is to become a $5 trillion economy is necessary.
Subrahmanyan said “With the launch of L&T-SuFin, we have taken another leap in our digital transformation journey. This has created a deeper understanding on the legacy of our faith and the ecosystem. We are confident that L&T-Sufin will transform the B2B marketplace for industrial products. It is to be made easily accessible, convenient and transparent for the customers of Tier I and Tier II cities also. This will provide equal opportunities and opportunities for growth to all businesses. ,
The platform has over 80 years of experience in empowering businesses, especially MSMEs, according to the company’s statement. This will enable industrial supplies to be accessed across India in a digital and cost-effective manner.
L&T-SuFin hosts a selection of industrial products in more than 40 categories as well as funding and logistics support, the company said.
For sellers, the platform has been designed to reach out to all categories of buyers across India. This will provide them with a complete ecosystem of vendor tools, distribution and interaction on a single platform.
L&T-SuFin will host KYC-verified sellers and L&T-verified buyers and guarantee last-mile delivery to over 15,000 pin codes.
This platform will provide working capital to MSMEs from banks and other financial institutions at attractive interest rates.
This decision marks another digital step for L&T after the launch of engineering and technology knowledge platform L&T EduTech last year.
“With fundamentally digital technologies, L&T-SuFin is poised to transform traditional supply chains and provide a win-win or best-case scenario for suppliers and buyers,” the company said.
The Indian manufacturing ecosystem was facing “significant inefficiencies in industrial supply chains” and heavily relied on B2B directories-digital or other resources to meet the sourcing needs of MSMEs.
“The problems encountered in these traditional supply chains have become challenges in maintaining business continuity, increasing revenue or inventory, and deploying staff,” the company added.
