Travelling to different nations made Prasad Bollineni and Vineet V comprehend that the Indian home improvement supply chain business is not in proper shape. They set up Homlot as a one-stop solution for wholesale furnishing items such as hardware, laminations, electrical devices, accessories amongst others, with a hard and resourceful supply chain and volume concessions.
Being MBA grads and having formerly worked in technology, logistics and supply chain segments, the two are working in the direction of altering the unorganized retail sales in Indian home improvement segment.
Homlot is the brand name of Seedolabs Pvt Ltd that got set up in the year 2016 under the Nasscom 10K startups programme. It assists interior designers, modular producers and carpenters obtain the things they need from a single dealer at economical prices.
AI for enhanced outcomes
Homlot utilizes cognitive artificial intelligence (AI) with which it comprehends and distinguishes one use from the other. Prasad said that at Homlot, no two affiliates will obtain the similar pricing. The technology assists in tackling the troubles of bulk buying amongst others.
“We have spent the major portion of our first year in developing cognitive AI along with e-commerce,” said Prasad.
Homlot boasted of a turnover of Rs 1.5 crore during the past two quarterly periods since its workings began in the year 2017.
It boasts of 80% active users with repeat purchases. It aims to make use of a technology-driven client acquisition policy to obtain more than 2,000 users by 2018 end.
According to Homlot’s facts, service providers usually take 3 days and 10 store visits to obtain materials for a two BHK home project. This results in 30 per cent loss of productivity.
Homlot stated that, at the present time, Bengaluru’s home development market share is ruled by distributors, traders, retail merchants and importers in an unorganized, customary procure-and-sell model.
Only just 1% of this complete market share is accepted by web marketplace sellers for retail purchase with a sluggish expansion rate.
“Currently the cumulative aggregate growth rate is 23 per cent for the home improvement segment. By 2030, there will be 16 billion consumers just on consumer durables. These consumer durables which Homlot deals with are less of an impulse purchase and more of a lifetime investment for the user or end customer,” added Prasad.