L&T launches B2B e-commerce platform L&T-SuFin to empower MSMEs
L&T-SuFin hosts industrial products across 40+ categories as well as financing and logistics support.
Larsen & Toubro announced the launch of L&T-SuFin, an integrated e-commerce platform for B2B industrial products and services.
"L&T via this B2B e-commerce platform is poised to empower businesses, especially MSMEs, to enable them to source their industrial supplies pan-India, digitally and cost-effectively," reads the release.
The Indian manufacturing ecosystem has been facing significant inefficiencies in the industrial supply chains, relying heavily on resources such as B2B directories - digital or otherwise - to fulfil MSME's sourcing needs. These traditional supply chain issues have resulted in challenges in the domains of maintaining business continuity, revenue or inventory optimisation and manpower deployment.
With digital technologies at the core, L&T-SuFin is poised to transform the Indian business landscape, leading to the formalization of the traditional supply chains and creating a win-win situation for suppliers and buyers. Built to provide greater transparency and wider market access, L&T-SuFin marks another chapter in the expansion of L&T as a digital powerhouse after it launched L&T EduTech, an ed-tech platform for bolstering engineering and technology knowledge, last year.
S N Subrahmanyan (SNS), CEO & MD, L&T, said, "As India aspires to become a $5 trillion economy, there lies a critical need to digitalize supply chains to enhance the overall global competitiveness of Indian industries, especially small and medium enterprises. With the launch of L&T-SuFin, we take yet another leap in our digital transformation journey, building on our legacy of trust and deep understanding of the ecosystem."
"We are confident about L&T-SuFin transforming the B2B marketplace for industrial products. Making it easily accessible, convenient, and transparent, even for the customers in and beyond tier-1 and tier-2 cities, thereby enabling a level playing field and inclusive growth for all businesses."
L&T-SuFin hosts a vast selection of industrial products across 40+ categories as well as financing and logistics support from carefully vetted partners. For sellers, L&T-SuFin is an opportunity to broaden their markets like never before. The platform is designed to reach out to buyers across categories and pan India geographies. It will enable businesses by providing them with a complete ecosystem of seller tools, delivery, and negotiations on a single platform.
Designed to be highly secure platform, L&T-SuFin will host KYC-verified sellers and buyers vetted by L&T and guarantee a last-mile delivery to over 15,000 pin codes. The platform will provide working capital to MSMEs from a large array of banks and other financial institutions at attractive interest rates. The platform will also provide an online transaction facility for trading products and enabling services with a payment and settlement mechanism that will aid traditional enterprises to take on their newer digital-native competitors.