iQuippo: First Indian Digital Platform To Offer Marketplace For Construction Equipment And Machinery
There are currently 38,815 active firms in India's startup ecosystem, which are at the forefront of the country's digital revolution. Indian startups are also the torchbearers for innovation in the country, from e-Commerce to electric automobiles. With the growing ambiguity around the recent surge in Covid-19 instances in India, the usage of internet-based solutions in the country is projected to continue to rise, boosting investor confidence and possibly beyond.iQuippo is the world's first and only digital marketplace for construction equipment, machines, and services in India. Buyers and sellers can connect, negotiate, and close deals on this platform in a quick, transparent, and cost-effective manner. CEO Insights interviewed Anant Konario (CEO) of iQuippo, wherein he enlightened us about the inception story of the company and the unique services offered by iQuippo.
Kindly throw some light on your professional background and experience that helps in moulding strategic business modules for your company?
I received a Master's degree in Economics and Finance from Boston University, then worked for a corporation in New York and moved to Africa for five years before returning to India three years ago. People are the most crucial aspect in our businesses, as well as anywhere else on the planet, according to my academic background and professional experiences. You can build something if you surround yourself with the right people who share your vision, which you do. Furthermore, in this field, people are moving away from offline or traditional methods and towards technological improvements. As a result, we predict that even the most established industries, such as construction and infrastructure, will be affected. So, as an enabler in that as well, I learned that we couldn't meet everyone's requirements as we
interacted in the business. So, I took advantage of the situation and introduced our clients to iQuippo, a one-stop-shop for everyone. If a client wants to compare equipment, sell or acquire any equipment, or run a productive asset, they may do so using our platform, which also allows them to get financing.
How has your company’s journey been so far and what challenges did you encounter during this journey?
One of the most significant challenges we face today, in my opinion, is that traditional firms' mentality and digital adoption are not as high as they should be. People in other businesses have begun to gain a better understanding of digital technology, but in our field, we are still lacking in this area. As a result, I believe it will be a Phygital paradigm, in which physical and digital elements are combined. Internal business professionals with prior industry experience may be hesitant to adopt a digital strategy. Another key challenge is changing customer behaviour, which I feel we are addressing by raising customer knowledge, but I believe this will be a major problem for the industry in the future.
Kindly throw some light on the various services that you offer. Also, explain the unique benefits that customers can avail of from these services.
If any of our customers want to acquire equipment, they can simply go to our website and look at what we have available; at the moment, we are focusing on the construction and mining industries, as well as commercial vehicles. Our customers can compare which asset they want to buy and even sell their current asset, but after they've made their decision, they'll need to get financing for it. Clients can use our portal to explore what financing options are available because most customers do not buy equipment outright. Furthermore, we are
iQuippo is the preferred mode of transacting for stakeholders across the industry including infrastructure and real estate companies, contractors, financial institutions, rental agencies, brokers as well as individual
How has your company’s journey been so far and what challenges did you encounter during this journey?
One of the most significant challenges we face today, in my opinion, is that traditional firms' mentality and digital adoption are not as high as they should be. People in other businesses have begun to gain a better understanding of digital technology, but in our field, we are still lacking in this area. As a result, I believe it will be a Phygital paradigm, in which physical and digital elements are combined. Internal business professionals with prior industry experience may be hesitant to adopt a digital strategy. Another key challenge is changing customer behaviour, which I feel we are addressing by raising customer knowledge, but I believe this will be a major problem for the industry in the future.
Kindly throw some light on the various services that you offer. Also, explain the unique benefits that customers can avail of from these services.
If any of our customers want to acquire equipment, they can simply go to our website and look at what we have available; at the moment, we are focusing on the construction and mining industries, as well as commercial vehicles. Our customers can compare which asset they want to buy and even sell their current asset, but after they've made their decision, they'll need to get financing for it. Clients can use our portal to explore what financing options are available because most customers do not buy equipment outright. Furthermore, we are
introducing rents so that if a client wants to buy another piece of equipment after a few years, they can sell it on our portal/In the meantime, we have started a spare parts business. If the client demands a valuation to determine the asset's value during the asset's lifetime, iQuippo may also provide that service.
What are the innovative methodologies that you adhere to while offering these services? Also, how do maintain the quality and authenticity of these products and services?
In terms of technology and operations, we run practically everything through technology and we have an online marketplace. We choose to become digital and give service to our clients in this manner since technology allows us to be more efficient and transparent. Because if you do it over a physical channel, you will miss a lot of details and there won't be any transparency. So, in the case of any equipment, we know that fulfillment takes place through a dealer and we have onboarded dealers from various places because we have clientele from all over the country. Clients can go to the nearest dealer and haggle directly on the platform. We have a choice of rates from multiple institutions in terms of finance, and I believe we have built-in operating efficiency. For more documentation and other elements, we have now combined with the Vahan portal.
What is the future roadmap set for your company?
The platform's future aspirations are primarily to add other services to it such as logistics, rental, spare parts, yard and then if things continue stable and we perform well, to take it global. We also have a large number of consumers from the Middle East, Africa, and Southeast Asia, for whom we can provide excellent service.
Anant Konario, CEO
After completing his undergraduate education at Boston University, US in Economics and Finance, Anant worked at a hedge fund and as an investment banker in New York in the US. He founded and setup Auro International, which has business in Lagos, Dubai, and US and focuses on power generation, affordable housing, agriculture, oil and gas, and renewable energy. He recently moved to India and concentrated his efforts on creating a technology business, which led to iQuippo, India's largest equipment marketplace for productive assets.
What are the innovative methodologies that you adhere to while offering these services? Also, how do maintain the quality and authenticity of these products and services?
In terms of technology and operations, we run practically everything through technology and we have an online marketplace. We choose to become digital and give service to our clients in this manner since technology allows us to be more efficient and transparent. Because if you do it over a physical channel, you will miss a lot of details and there won't be any transparency. So, in the case of any equipment, we know that fulfillment takes place through a dealer and we have onboarded dealers from various places because we have clientele from all over the country. Clients can go to the nearest dealer and haggle directly on the platform. We have a choice of rates from multiple institutions in terms of finance, and I believe we have built-in operating efficiency. For more documentation and other elements, we have now combined with the Vahan portal.
What is the future roadmap set for your company?
The platform's future aspirations are primarily to add other services to it such as logistics, rental, spare parts, yard and then if things continue stable and we perform well, to take it global. We also have a large number of consumers from the Middle East, Africa, and Southeast Asia, for whom we can provide excellent service.
Anant Konario, CEO
After completing his undergraduate education at Boston University, US in Economics and Finance, Anant worked at a hedge fund and as an investment banker in New York in the US. He founded and setup Auro International, which has business in Lagos, Dubai, and US and focuses on power generation, affordable housing, agriculture, oil and gas, and renewable energy. He recently moved to India and concentrated his efforts on creating a technology business, which led to iQuippo, India's largest equipment marketplace for productive assets.