Srei ventures into digital marketplace for equipment biz

Kolkata-based Srei group has launched a digital marketplace called iQuippo for equipment sale and rental, with an eye on domestic and international equipment rental market.

Conceived as an e-commerce site providing business-to business (B2B), business to consumer (B2C) and peer-to-peer (P2P) services, Srei expects to position itself as a global player in the digital market place for equipment sale and rental.

"iQuippo as a start-up can help resolve a lot of issues in equipment sale and rental. Apart from the domestic market, we see geographies like Africa, the Middle East and South East Asia as potential markets in this space, which will help us become a global player in the segment," said Sunil Kanoria, vice chairman, Srei Infrastructure Finance Limited.

 

At present the equipment sale market is close to Rs 21,000 crore, with a potential to be around Rs 50000 crore by 2020, added Kanoria.

iQuippo will allow owners to list their assets and services, negotiate with buyers, close terms of deals, generate contract/invoices and get real time payments. "

"Infrastructure equipment segment is expected to reach a $10 billion mark by 2020 and this the financial years 2016-17 the projected growth is 25 per cent to 30 per cent. Hence, to capitalise of the growth opportunity; iQuippo is a strategic initiative that will aggregate the infrastructure equipment marketplace digitally,'' said D K Vyas, CEO--Financial Services, Srei.

Quippo, a Srei Initiative, is an equipment rental company with focus on construction, oil and Gas, energy and valuation and auctioning of old equipment. In 2009, Quippo Telecom Infrastructure had entered into a partnership with Tata Teleservices to create Viom Networks. In October 2015, Srei Infrastructure Finance announced selling its 18.26 per cent stake (jointly held by Srei and the Kanoria block) in Viom Networks to American Tower Corporation (ATC) for Rs 2,952 crore.