Driven by passion for venturing into new businesses that can have a significant impact on the overall eco-system, Sharad Jaiprakash launched Nuoaura, an online megastore supplies, consumable and merchandising in October 2015.
The company began its operation January 2016 with aims to simplify the business-buying experience and improve productivity for Indian businesses. It has more than 30 corporate companies already empanelled on the marketplace as one of the preferred vendors and around 250+ product items sold per month.
The start-up offers 10 product portfolios under its brand name -Office supplies, IT & Tech products, facility consumables, corporate gifting, breakroom supplies, premium stationery, education supplies, electronic supplies, furniture & office interiors and on-demand printing, marketing and design services.
“The firm is also planning to add six more verticals next year. Top 3 revenue contributing categories has been IT and Tech, Office Supplies and Gifting and Merchandising Solutions” says Sharad Jaiprakash, founder and CEO.
Key Differentiator in Products
The startup claims to have three differentiators in Product Portfolio, Technology Platform/Tool, and Service Delivery. It aims to continue to scale up on these segments going forward.
The firm envisioned to change the way businesses of buy office Supplies and Equipments. And it sees potential opportunity in B2B segment.
“B2B eCommerce has been a game changer in western countries and this hasn’t been much explored to its potential in Indian market. 98% of market is driven by traditional sourcing methods, unorganized vendor models and Growing demand from customers and it shows us tremendous possibilities to bridge those gaps and create market leadership,” says Jaiprakash.
Growth and Revenue
Nuoaura claims to be registering a quarterly revenue growth of 52% and 40 % monthly revenue. Recently, it partnered with Amazon for a period of three years as its India office supply vendor. The startup claims to have become the most preferred digital platform for Indian businesses in managing their workplace needs.
It commenced its work with initial fund of Rs 20 lakh. Within 10 months of operation it achieved breakeven. Till date, they have garnered Rs 5.40 Cr in revenue. The startup aims to achieve Rs 9 Cr in fiscal year 2017-18.
Being an alumnus of IIM Calcutta, Jaiprakash has decade of experience in management and business development, which helps him in taking charge of multiple responsibilities including envisioning & implementing the product strategy, cash flows & finance, sales & business development, team building and brand management.
He now aims to establish a regional presence for Nuoaura operations across tier 1 & 2 cities, drive sourcing automation and digitization across SMEs and corporate firms through Nuoaura and integrate potential suppliers across various categories to the online platform.
Talking about challenges faced since inception, he said, “Penetrating the unorganised supplier base and convincing on the value proposition for customers to organise their sourcing activities has been two of major challenges we are facing so far.”
Currently, they are looking at raising funds from to fuel their expansion activities. Among their key goals for next year, the start-up wants to drive Sourcing Automation Implementation and expand its operation across Tier-1 and Tier-2 cities across India.
Sharad’s larger vision for his startup is to establish it as the most preferred digital platform for Indian businesses in managing their workplace needs, he concludes.
