Mr. Pratik Gadia, Founder and CEO of a startup ‘The YARN BAZAAR’ has started a very unique concept of B2B E-Commerce in the YARN Business. It is a B2B Holistic Yarn Marketplace catering to all entities i.e. Yarn Manufacturers, Weavers, Traders and Brokers. Pratik who loves challenges; by planning vacuum and need, arranged his business execution to make the world’s first end-to-end yarn dealing platform.
Inspiration to start a STARTUP IN TEXTILE
Belonging to a textiles family, Pratik Gadia is a metalhead who gets as excited being at the helm of the business world as the distorted riffs of his guitar. After completing his Masters in Innovation & Entrepreneurship from the University of Warwick in the UK, he joined his family business of manufacturing & wholesaling shirting fabrics.
Being constantly annoyed by the way the yarn purchasing was carried out and having spotted a gap in the industry, he decided to pursue this opportunity. Spending 2 years on research, working on the business model, and on the tech, the company started its operations in July 2019.
The company’s vision is to create an end to end yarn platform serving all needs and pain points of the industry; making it very seamless and efficient.
Challenges / Hardship faced during the journey
He realized that the industry was in dire need of change. He says, “I saw that procurement of yarn was a big challenge and it also impacted our production plans.”
”The industry works on credit which means a lot is at stake and if there is a delay in delivering the yarn, then the entire production process is disrupted.”
Pratik’s decision to adopt the new and untouched field of digital commerce in the textile sector was seen with reservations by his family and other people in the industry as well.
One of the challenging tasks according to him was pitching the idea of bringing digitization in the yarn industry. He says, “As youngsters, it sounds logical but if you talk to someone who is 50 plus then it is difficult to convince them because they don’t relate to digitization.”
A strategy has helped in growing as a person/startup
“From calibrating a sound business model to deciding the tech architecture to creating an intuitive user interface and finally building the tech; everything has been extremely challenging and is an ongoing process”, says Pratik.
According to him, having the right advisors on board is a really good strategy. He believes he has been very fortunate and blessed in this case and that has helped him, both, as an individual and as a startup.
Bringing the industry closer
The Yarn Bazaar is bringing the yarn industry closer and at the same time, it is increasing trust within the stakeholders and also reducing the chances of fraud.
Pratik says that he plans to take the business model to other industries such as polymers, coal, and chemicals. But as of now, he is focusing on scaling.
Operating on a 100% advance payment basis, the platform has some well-known mills registered such as Aditya Birla Group, Pallava, Sintex, Trident, GHCL, Nahar, Banswara, Damodar, Sitaram, etc. And within 17 months of its operation, the company has done a business worth over 100 crores, all on 100% advance payment basis.
Advice to someone starting as an aspiring entrepreneur.
You will have a better sense of direction if you have a clarity on your purpose of being an entrepreneur.
For more detail, please visit:
The Yarn Bazaar