Medplus pharmacy chain founder Dr. Madhukar Gangadi has launched an online platform that deals in a range of products, from furniture, home appliances, fashion accessories to building materials, and sells them at factory direct prices.
BatchTag.com, the portal, will start accepting customer bookings from March 1, he said, announcing his new business venture to the media here on Tuesday. “Our factory-to-consumer model passes on the savings in the logistics and inventory holding costs to the customers,” Dr.Gangadi explained.
The initial category of products, including those under the company's private brand, also comprise leather portfolio bags, wallets and backpacks. The company plans to add air-conditioners, televisions, refrigerators, washing machines and other appliances to the product line in the coming months.
Stating that there would not be any inventory obsolescence, he said: “As a customer you need to select a product and place the order. When enough orders [for those products] come, we push them to the factory and get them made and supply to the customers,” he said.
“There will be a waiting time,” he replied on the differences compared to other e-com portals.
“But the product will be fantastic... our mark-up is very less”, he added. For the new venture, which is a part of CustomFurnish, another venture of Dr.Gangadi's focused on custom made furniture e-tailing, the company has tied up with 35-40 manufacturers across categories.
“We have invested ₹15 crore [on the portal business],” he said. There are also plans to raise ₹100 crore funds, starting with ₹ 50 crore initially, for business development.
On MedPlus, he said, it is the oldest and most successful for him. Its turnover is over ₹2,000 crore and the company is profitable. “We probably will look at an IPO sometime end of the year or early next year,” he added.
