India is home to greater than 50 million SMEs which contributes to ~30% of GDP. Technology adoption among these businesses is less than 10%. It is inevitable for businesses to have a website, some social media presence, and systems to run their finances and operations with technology. While undercurrents to a digital shift were underway for a long time, Covid-19 triggered the need for a digital presence now more than ever.
Currently, SME owners use their personal connections or references to find these vendors which provide limited decision points. Other methods of finding vendors are too scattered and unorganized like Google, social media amongst others. There is always a substantial cost of delay and lack of quality associated with these contracts. Additionally, there is often a risk factor associated with trusting vendors with their business data, etc. Freelancers have come up but the trust factor prevails largely in the Indian context where businesses prefer to contract with businesses rather than individuals.
On the other hand, service providers or vendors are faced with the lack of quality leads, find mass-market platforms like Google and Facebook expensive to promote, and have to suffer delays in payments.
Inefficiencies on both supply and demand sides, with millions of businesses ending up contracting on a local level, presents a strong case for technological disruption of traditional services procurement.
Globally, big players like Globality (a unicorn backed by SoftBank) and Clutch are transforming the B2B services procurement with similar technology-enabled models.
ExMyB has created a managed marketplace where service buyers and service providers can discover each other and can act on multiple decision points (detailed reviews, project specifics, past clients, fee ranges, etc.). Using ML-based matching and a proprietary search algorithm, the platform is able to curate specific recommendations and provide them to service buyers at no cost. Additionally, the platform ensures bulletproof safeguarding of payments through its escrow model to ensure no leakage whatsoever.
The platform is already created and they have started with popular categories like Web/App Development, Creatives and Design services, Digital Marketing amongst others.
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Campus Fund Team