Business Wire IndiaGurugram based OfBusiness (OFB), a B2B unicorn, has launched a unique and customized app to help Micro, Small, and Medium Enterprises (MSMEs) to procure and supply raw materials, be it infrastructure based such TMT, Flat Steel, Aluminium, Bitumen, Agriculture-based like Red Chilli, Wheat, Maize, Nuts, Sugar, Chemicals like Ethyl Acetate and Methanol and a whole lot more.
With the OfBusiness app, even small businesses will be soon able to place orders of value as low as Rs. 50,000 at competitive prices, making procurement accessible to micro, small, and large enterprises. The app provides an end-to-end solution allowing business owners to source raw materials, compare prices across India, manage orders, and even track the live location of their shipment.
“Our intention while developing the OfBusiness App was to help core Bharat SMEs who have been majorly affected by the pandemic and the ongoing slowdown in the economy. With soaring inflation, lack of market access, zero transparency in pricing and produce being sold for throwaway prices, we wanted to connect MSMEs, manufacturers, distributors/ traders with each other, transact business on a real time basis and get paid on time especially in the Tier 3 and Tier 4 markets that constitute the bulk of India,” said Nitin Jain, Co-Founder and CBO, OfBusiness.
“To cite an example, pricing is a very critical issue. Prices increase dramatically due to the multiple layers of middlemen who control and inflate prices. We play the role of an aggregator ensuring materials and products are available at the actual market price that benefits both the buyer and seller. We also offer our target audience easy access to credit, real time prices of any product and market news. A point I would like to make here is, our market news is honest and unbiased as there are no advertisers supporting the market news,” he added.
“Our app also works on voice-based commands to cater to all strata of business-people. Even farmers, traders, distributors and businesses in the most remote areas can effortlessly obtain clear and equitable information. We intend to offer language-based responses in more than 9 regional and popular languages such as Hindi, Punjabi, Telugu, Kannada, Tamil, and Marathi. This number will increase in the coming months with the goal to have all the popular speaking regional languages in our app and other platform offerings,” said Bhuvan Gupta, Co-Founder and CTO, OfBusiness.
“Further, by leveraging deep tech and AI, we're able to provide SMEs with real-time updates on market trends, identify potential opportunities, and optimize their pricing strategies. And with the app's upcoming multi-language support, we're excited to expand our reach to even more SMEs around the country. We believe that technology can be a powerful force for good, and we're proud to offer this app as an innovative and inclusive solution for the Indian SMEs," Bhuvan added.
Introducing Ved AI - Your very own Personalized Business Assistant
OfBusiness, has also created an inbuilt Assistant aptly titled Ved AI (VED) (available on the App (search for OfBusiness) & on WhatsApp (+91 82975 85873)) that has access to information of over 500+ raw materials, over 10,000+ prices and regular and accurate updates of 30+ sectors with real time information.
“VED will very soon be able to converse in 9 regional languages when questioned by its user. Right now its in Hindi, English, and Hindi written English. It shares Prices, News, Vehicle tracking, Outstanding Dues, Invoices, and more.” Nitin pointed out.
Commenting on the revenue model, Nitin said, “Currently users can access the app for free, and we plan to keep it that way. The plan is to charge a very nominal fee for every transaction placed on the app. We are also contemplating an ad-based revenue model in future. Our goal is to reach out and enroll over 10 million MSMEs within the next six months.”