Invest Punjab signs MoU with Pumpkart for promotion of products for MSMEs

With the MoU, MSMEs of Punjab will get the advantage of ecommerce for both promoting and selling their products. Many concessions including discounts on the transaction fees will be given.
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A Memorandum of Understanding (MoU) has been signed between Invest Punjab (Punjab Bureau of Investment Promotion) and Pumpkart to provide fillip the State’s MSMEs.

Under the MoU, the MSMEs of Punjab will get the advantage of ecommerce for both promoting and selling their products. Many concessions including discounts on the transaction fees will be given.

The MOU signing took place at Hotel JW Marriott in Chandigarh and was attended by leading bureaucrats and industrialists from Punjab.

Vini Mahajan, Additional Chief Secretary Investment Promotions and Industry & Commerce, Punjab, said, “I am happy to announce the MoU signed with Pumpkart for the promotion of MSMEs in Punjab. I am here to support and encourage new thinking and enterprises who dream big. Growth of the MSMEs is our priority. While the nation and the world have been passing through the phase of economic recession, Punjab has attracted over Rs 50,000 crore new investments. The industries in Mandi Gobindgarh are being revived. Keeping in line with the Make in India programme, we have formulated the Make in Punjab policy.”

K S Bhatia, Co-founder & CEO, Pumpkart, said,

“Punjab has more than two lakh MSMEs and Pumpkart’s ecommerce business model would give them direct access to the domestic market without adding in any costs. Implementing the MOU in four different phases it is targeted to bring in at least 10 percent of these MSMEs on Pumpkart’s ecommerce platform in the next two years.” 

A B2B ecommerce company, Pumpkart has a brand-to-retailer business model under which it sells appliances, electrical, electronics, and industrial supply products to the retailers directly. This entire system created by Pumpkart will immediately become available to MSMEs registering on its platform.

Sibin C, MD, Punjab Small Industries & Export Corporation, said, “MSME sector is the strength of our State. After this tie-up with Pumpkart, now we are looking for other ecommerce platforms also. A lot of awareness is required in this regard. That is why the government has been organising various awareness camps to underline the need for ecommerce amongst the MSME sector of Punjab.”

On a growth trajectory currently after securing funding last month, Pumpkart is continuously adding “firsts” to its portfolio- the MoU with Punjab government being the latest. Amongst the whole online ecosystem of Punjab, Pumpkart has become the first ecommerce company to sign an MOU with the Punjab government.

(Edited by Evelyn Ratnakumar)