iQuippo: Gearing up for the next phase of growth

Enthused by the government’s digital drive and focus on improving the ease of doing business, iQuippo, an initiative of Srei Infrastructure Finance Limited, is gearing up for its next phase of growth. Launched in October, 2016, iQuippo is a digital marketplace for purchase and sale, valuation, financing, and auctioning of infrastructure equipment. Currently, iQuippo has 18,000 registered users and aims to have around 100,000 registered users in next one year.

The company has partnered equipment manufacturers and financial institutions, and now operates as a full-fledged e-commerce platform for buying, selling and financing of both used and new construction equipment. “About 90% of the equipment sold in the market is financed by a financial institution. We have already partnered ICICI Bank and are exploring similar tie-ups with other banks and non-banking finance companies. Customers can use our platform to avail finance for their equipment purchase without any hassle. We have also partnered OEMs (Original Equipment Manufacturers) and equipment is now available for purchase at the click of a mouse. Through iQuippo, we aim to create industry specific solutions which have never been envisaged before, thereby kick-starting a transformational journey to deliver increased transparency, efficiency and reliability in the construction equipment marketplace,” Mr. Anant Raj Kanoria, CEO, iQuippo, said.

iQuippo has been an instant hit in the construction equipment industry. Transactions of GMV worth Rs.1,500 crore have been transacted on iQuippo platform since June, 2017. Around Rs.65 crore financing has also been provided for purchase of construction and mining equipment through iQuippo platform in November, 2017 alone. Currently, more than 25 categories and types of assets are listed on iQuippo platform; these assets are across industries and sectors like construction, mining, rural, transportation and material handling, etc.

“We are optimistic about the future and are ready for our next phase of growth. As a marketplace, we are providing a wider reach to OEMs and thereby helping them to connect with equipment buyers. The online adoption coupled with iQuippo’s seamless user experience is a big step forward in improving and expanding e-commerce in the equipment industry. We will soon be introducing additional features and services on our platform, making the entire process of buying and selling of construction equipment smooth and efficient,” Mr. Kanoria added.