Online business-to-business (B2B) marketplace OfBusiness has launched BidAssist, a revolutionary platform for SMEs to ease the bidding process.
In India, SMEs often encounter difficulty while hunting and bidding for new opportunities – both government and private tenders. This significantly limits an SME’s growth potential despite available capacity and supportive policy framework. However, the launched platform claims to address these challenges and aggregates new opportunities for the SMEs based on their profile.
OfBusiness’ Cofounder and CTO Bhuvan Gupta, said, “OfBusiness envisions to leverage technology to add value to the SMEs beyond lending. After bringing significant cost savings to SMEs for raw material procurement, we wanted to enable growth through a smart platform that helps them discover the right business opportunities. BidAssist leverages proprietary inbuilt recommendation engine, internally code named ‘Cipher’, that profiles each opportunity and analyzes SME’s inputs and behaviour to help discover relevant government and private opportunities.”
The team is now working on adding advanced machine learning based intelligence to further recommend ‘probability to win’ against each opportunity. This will allow SMEs to operate more efficiently by focusing on opportunities that they are more likely to win, thus securing maximum business with minimal effort for a higher growth trajectory. The platform’s end-to-end services can be availed via anytime anywhere via its Android app and website, www.Bidassist.com.
BidAssist currently aggregates over 3,500 government tenders daily from across the country and aims to add equal number of private opportunities in the next six months. The platform’s unique approach makes the exhaustive task of searching and bidding for tenders relatively easy, expectedly saving up to 50 percent of the overall time spent earlier in this task.
OfBusiness was founded in Jan 2015 by Asish Mohapatra (a former ITC and McKinsey executive), Gupta (previously vice president of engineering at Snapdeal), Ruchi Kalra (a former partner at McKinsey), Srinath Ramakkrushnan (earlier with ITC), Nitin Jain (a former RBS executive) and Chandranshu (earlier with Centhrix Technologies and Hike Ezee). The startup caters to the small and medium-sized enterprises (SMEs), offering them commerce, credit and logistics services.
OfBusiness raised a Series A of USD five million at the inception stage in Jan 2016 from Matrix Partners and a bunch of angels of India’s new age tech revolution. A year later, in Jan 2017, it raised a USD 11M Series B from Zodius Technologies, with participation from the previous investors. Till now, OfBusiness has done an aggregate business of INR 400 Crores with and AuM of 110 Cr with NPA of less than one percent.