B2B online start-up The Yarn Bazaar has begun tying up wiyh fashion brand giants which includes international companies and big buyers. It laso has plans pf making its presence in the international market by the year end.
According to Pratik Gadia, CEO of The Yarn Bazaar, “We still want to focus on the domestic market and probably sometime mid or end of the year, we would want to start an international presence also”.
Thw company was launched in 2019. It enables the textile companies to discover yarn prices, information, people, market trends and trade. The Yarn Bazaar is an online marketplace that simplies the process of yarn sourcing in the country. This has hled the local yarn manufacturers to go national and enable buyers with a wide array of products and quality.
The Yarn Bazzar is now planning into the financing part of the business. Pratik Gadia, CEO says, “Right now, byers are paying 100% advance, but we know that they have a massive working capital crisis because of the nature of the business. So, now we habe started tying up with banks and NBFCs to enable supply chain finance for them”.
The company is seeing a testing perios since the covid perios and a violation of a volatile cotton market. The Yarn Bazaar has noticed the most middlemen in the ensuring cotton or yarn supplies were not focused on advisory. Since The Yarn Bazzar has access to data, it began sharing the reports with its shareholders and ensured buyers did not panic. Issue has to be addresses with the nature of the textile industry which makes up 50-80% of the final product’s cost.
According to Pratik Gadia, CEO, The Yarn Bazaar, “ We are clearly focused onyarn and we don’t want to do anything else in the value chain. But we have started to diversify tp other yarn categories. We have begun with a good quantum of viscose and pplyester spun. We are about to start trade with polyester”.
