In Conversation with… Gaurav Sonkar & Jayant Singh, Founders, Bid4best Technologies Pvt. Ltd.
Please tell us about what your start-up is?
Bid4Best (B4B) is an intelligent marketplace that aims to ease the procurement process for micro, small and medium enterprises.
What are the hurdles that your start-up faced in the initial stage?
We are very specific when it comes to expanding our team. We are always looking for passionate people who can deliver a great customer experience. Finding people with great passion and dedication at a large scale is a difficult job for us. This is an ongoing challenge and we are yet to come up with a concrete solution as one solution doesn’t fit all situations. We always welcome people with the passion to join our team and change this world for the better.
Also sustaining during the times of Covid 19 and ensuring the best of the health of our employees and clients was our utmost priority. It hit us hard like everyone else but together as a team we did well and stayed together.
How important is teamwork in starting any start-up and how would you describe your team?
For any successful business a good trustworthy team is the first small, but important step. we always look for people who challenge and inspire each other. Our current team is a set of people who are curious, enthusiastic, and working towards a common goal.
What differentiates your start-up from other players in the market?
B4B gives a complete solution for an end-to-end process for procurement based on real-time tracking and evaluation with some of the novelty features mentioned below:
• Open bidding system (Reverse)
• Verified vendor pool
• Smart scoring system
• Automated bid evaluation
• Less manual intervention
• Buyer Controlled Scores
• Massive Scalability
Key Differentiator –
• Request Based Portal
• No Spamming
• Structured Communication
• Real-time Status
• Value-Deal focussed
• Request & Bid Analytics
• No Upfront Fees
• Buying influential parameters control
B4B has got a core difference in its business model from its nearby competitors or players from the same domain. B4B is neither a Directory nor does the trading. A detailed industry and requirement analysis run every time there is a buzz from the buyer side. B4B does not believe in providing leads to its users but has got a very strong Requirement Validation process to reduce the spamming.
What were the setbacks that your start-up faced because of Covid-19?
The complete isolation and simultaneous digitalization of the world during the pandemic allowed Bid4Best Technologies to provide their clients with an opportunity to run their business remotely and find new buyers and sellers from various parts of the world, with just the click of a button. Even in the worst times, Bid4Best managed to run successfully and strategize to maximize profits and user satisfaction.
We have managed to produce the best outputs from users in such harsh conditions and even registered a growth of 3850% (Top-Line) & 200% (Bottom-line) during the lockdown era during the pandemic lockdown period and now continue to grow at a fast pace. Pandemic allowed our clients to do their business from home and find new sellers and buyers from different parts of the country right from sitting at their homes.
What does the future look like for Bid4Best Technologies in the coming years?
We are building a powerful digitized network for India’s Economic and Social transformations for MSME’s by 2025.