Pumpkart, the first of its kind, online water pump store has recently been in the news, getting praised from the google’s CEO Sundar Pichai to fixing financial meet with the finance minister of India.
Pumpkarts unique business model was praised and he was selected as top 5 entrepreneurs in google India’s listing,
Meet the pumpkart.com CEO – K.S Bhatia
Bhatia is a humble and down to earth person, he is a chemical engineer and as matter of fact has his own company, the dream of pumpkart.com started with a small idea which leads to a big change – the idea was given to him by his 13-year-old son, though he had a rough idea about selling pumps offline as his business, so he said why not try to sell them online.
How Pumpkart started-
Bhatia first studied the international market, he realized that there were many stores globally and only a few of them were successful
Bhatia and his team realised that the market for pumps is unorganized in India with sellers quoting price with a huge margin, the problem was with the rural section’s of India where the demand is huge, of course I, am pointing to the farmers , so pumpkart came up with a solution of EMI”s . so pumpkart.com sell’s pumps online with a unique EMI feature – “Farmers are very happy quoted Bhatia”, since then Bhatia says his company got calls from around the country and farmers blessings poured in. he quoted that they were selling a sp pump for 11,000 rupees while the offline market sells it for 20000 rupees, he says the farmers are cheated and mislead by removing MRP tags.
In just a span of six months, pumpkart.com sold around 2500 pumps, sound so little considering the Indian market with around 4000 pump manufacturers, Bhatia aims to sell around 50,000 pumps in the year 2017 with a funding of approximately 10 crores. On the same hand, china has a market with around 50 000 pump manufacturers, India’s pump market fell in the second largest spot and so Bhatia thought it’s is a viable idea and untapped market which he can tap into
how pumpkart survived
It never came easy, Bhatia says it all came to him when he was keen to explore an untapped niche and profoundly his MBA degree came handy, with an experience of 15 years in business he was all set
But this is not all he says, he says never underestimate the younger ones as they are the future, his son gave him the idea and with his experience he built it
What is so unique about pumpkart
Bhatia’s website pumpkart has an average of 2000 to 3000 unique visitors and he realized quickly that it has a potency to grow but soon he realized that he can conquer the offline market as well.
pumpkart.com unique o2o(online to offline)
It was this unique business model that got google’s CEO Sundar Pichai appraisal.
Online to offline business model is the next big thing in e-commerce, industry it is typically said to be valued as a trillion dollar opportunity, it is a phrase commonly used by digital marketers enticing customers from digital environment to purchase goods from physical businesses
The Indian pump industry is valued at 24000 crores and 70 % of it is unorganized, Bhatia says his only dream is to organize this sector and emerge as leader in the market