The development comes a month after the promoter of MedPlus Health Services Private Limited is reported to have raised around $115 million in debt financing to buy the stakes of existing private equity investors.
Serial entrepreneur Madhukar Gangadi announced his new business initiative with the launch of his new venture, BatchTag.com, an online version of factory outlet that will allow customers to buy products at factory direct prices.
The development comes a month after the promoter of MedPlus Health Services Private Limited (second largest pharmacy retail chain in India), is reported to have raised around $115 million in debt financing to buy the stakes of existing private equity investors. Dr Gangadi had earlier also founded custom-made furniture e-tailer customfurnish.com.
The company said in a statement that it has collaborated with major national and international original equipment manufacturers (OEMs) such as Superhouse Group for leather goods, Natuzzi for leather sofa sets, Kitco Ceramics for tiles and other leading leather goods and carpet manufacturers from Kanpur and Bhadohi in Uttar Pradesh.
Dr Gangadi, said, “We have been constantly working to utilise technology to optimise the supply chain, and with this model, we now feel that all layers between the manufacturer and the consumer can be removed delivering enormous efficiency to the process. Our factory-to-consumer model passes on the savings in logistics, inventory holding costs and inventory obsolescence straight to the customer. BatchTag.com has collaborated with leading OEMs in the industry to launch its first line of products.”
Sunil Gummalla, CEO, BatchTag.com said, “While the model has an inbuilt advantage of delivering the most efficient prices, our goal is to go beyond super-competitive prices to curate and deliver the best quality products across categories in terms of both design and workmanship.”
Initially the portal will sell categories that include furniture and furnishing products, home appliances, building materials, leather portfolio bags, wallets, and backpacks under the company’s private brands. The company is also planning to add large appliances like air conditioners, televisions, refrigerators, and washing machines to the existing product line during the coming months.
The company also said in a statement: “BatchTag.com will serve furniture and furnishing orders from its manufacturing facility located in Hyderabad. It is spread over 1.5 lakh sqft and manufactures 1,000 sofas and over a 1,000 solid wood units every month.”