The EPC major announced the launch of L&T-SuFin, an integrated e-commerce platform for B2B industrial products and services.
Larsen & Toubro (L&T) said that this B2B e-commerce platform is poised to empower businesses, especially MSMEs, to enable them source their industrial supplies pan India, digitally and cost-effectively.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 fulfill MSMEs 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, L&T said in a statement.
With digital technologies at the core, L&T-SuFin is poised to transform Indian business landscape, leading to the formalization of the traditional supply chains and creating a win-win situation for suppliers and buyers.
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. 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 toots, delivery, and negotiations on a single platform.
The platform will host KYC-verified sellers and byers vetted by L&T and guarantee a last-mile delivery to over 15,000 pin codes. It 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.
S N Subrahmanyan (SNS), CEO & MD, L&T, said, "As india aspires to become a $5 trillion economy, there ties a critical need to digitalize supply chains to enhance the overall global competitiveness of Indian industries, especially small and medium enterprises."
"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-i and tier-2 cities, thereby enabling a level playing field and inclusive growth for all businesses."
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L&T is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide. The company's consolidated net profit fell 16.70% to Rs 2,054.74 crore on 11.14% increase in net sales to Rs 39,562.92 crore in Q3 FY22 over Q3 FY21.
Shares of L&T were down 5.23% to Rs 1622.20 on the BSE.
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