MUMBAI: UK-based transactional cloud platform cloudBuy said it expects transactions worth $3-5 billion taking place on cloud platform in the near term based from India.
“We at cloudBuy expect transactions worth $3-5 billion on this platform in the near-term based on the initial response not only from the CII members but also from the non-member trade community,” cloudBuy India country head Nilesh Gopali said in a statement.
The Confederation of Indian Industry (CII) has roped in cloudBuy to recently launch a new e-commerce business gateway to global supply.
The CII has around 8,000 strong members who cumulatively account for annual revenues of $80 billion.
cloudBuy provides cloud solutions for buyers and sellers, and brings them together to trade securely and ethically via an increasing number of public e-market places and private purchasing portals powered by cloudBuy technology.
According to a study conducted on companies listed on London Stock Exchange, it was concluded that FTSE 350 index companies can save up to 53 billion pounds via B2B online purchase.
Using the same benchmark of 5% saving in procurement, the 3,300-odd BSE listed companies (excluding those in broking, software and finance) will be able to save around Rs 1,26,475 crore that will invariably add to the operating profit and subsequently to the bottomline, Gopali said.
India’s manufacturing space can also boost its EBITDA or operating profit by 20% by ensuring a 5% savings in procurement through B2B online process replicating the global practice, he added.
Manufacturing universe of 364 companies on the BSE 500 index excluding those like information technology, finance and broking that does not require raw material procurement can save around Rs 1,02,000 crore going by a similar case study on London Stock Exchange FTSE 350 around five years back, Gopali said.
“Unlike a B2C online place, corporate purchases are done in a controlled environment without compromising on their ERP solutions. We have received enquiries from several large Indian corporates to establish a secured facade or solution between their ERP and a B2B online market place to provide a dynamic B2C style experience to meet their procurement needs” Gopali added.