Navigating Growth: Aditya Krishnakumar Shares Bidso's Impact on Indian Manufacturing

StartupTalky presents Recap'23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.

The manufacturing industry is a cornerstone of economic development, producing goods on a large scale through processes like assembly and fabrication. Technological advancements and automation have increased efficiency, while sustainability and lean practices are gaining importance. The sector's growth is a key indicator of a nation's economic strength and global competitiveness.

Contributing 16-17% to the GDP and employing 20% of the workforce, the manufacturing sector saw an 11.4% production growth in fiscal year 2022. The Indian contract manufacturing market is projected to double from $19.63 billion in 2023 to $38.92 billion by 2028.

In a recent Recap'23 interview, we at StartupTalky had the privilege of connecting with Aditya Krishnakumar, Co-founder and CMO of Bidso. We analyzed Bidso's development, hurdles, insights, and future strategies, exploring how Bidso is revolutionizing the manufacturing industry through innovation.

StartupTalky: What service does Bidso provide? What was the motivation/ vision with which you started?

Aditya Krishnakumar: Bidso is a contract manufacturing platform for General Merchandise goods. We make it easy and reliable for global brands to procure from Indian manufacturers. We do this by enabling the sourcing journey from start to finish, beginning with product discovery, supplier selection & vetting, value discovery, and finally, QC (quality check) and fulfillment. 

Before Bidso, the founders were heading different categories & teams at companies like Flipkart, Amazon, Udaan & ITC, where it was clear that brands were finding it difficult to source products from India. Even brands that were actively looking to source from India were finding it difficult to locate reliable manufacturing partners who could provide quality products at great value. 

Bidso was started to address this gap, with a vision to become an enabler and a catalyst for the Indian manufacturing ecosystem - for brands by making their sourcing journey seamless and for the manufacturing partners by enhancing their capabilities and capacities and also unlocking new sources of demand. 

StartupTalky: What new features have been added in the past year? What is/are the USP/s of Bidso's service?

Aditya Krishnakumar: We are constantly adding new features to our platform that make it easy for both our buyers and our manufacturing partners to transact. 

A few examples are-

1. Detailed product specification breakdowns for cataloging.
2. Product specification comparisons.
3. Manufacturer dashboards and many other features. 

Something that we are especially proud of is our in-house tech-enabled Quality Control Module that helps us to provide real-time QC (quality check) updates in production and pre-dispatch phases, to our buyers. This also helps our manufacturing partners to differentiate themselves from other factories by providing credible markers of quality for their products. 

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StartupTalky: How has the manufacturing industry changed in recent years, and how has Bidso adapted to these changes? Are there specific regulatory or technological shifts that have influenced your marketplace strategy?

Aditya Krishnakumar: The manufacturing industry has seen tremendous growth over the last few years, and the credit goes to the current government, which has been actively promoting manufacturing in India across product categories. 

One of the major regulatory tailwinds that we are experiencing is the push by the government for Made in India toys. With an astute combination of tariffs and regulatory requirements like mandatory BIS certification, combined with the impetus to set up multiple toy manufacturing clusters across the country, there has been a huge fillip given to the manufacturing of Toys in India. 

At Bidso, we are well-placed to contribute to the mission by manufacturing Toys in India for India & the world, and we expect the Toys category to be a major driver of growth for the company both from the domestic and international markets. 

StartupTalky: How do you stay up-to-date on the latest trends and developments in the manufacturing industry?

Aditya Krishnakumar: Other than the obvious sources like news media, following the right people on X (formerly Twitter) can be invaluable as you can get direct input & latest insights on a wide range of subjects directly from people who have been there & done that. In addition, it is also important to cultivate a strong personal network & tap into it for invaluable support, wisdom, and relevant insights. 

StartupTalky: What key metrics do you track to check Bidso's growth and performance? How do you use these metrics to identify areas for improvement and guide strategic decisions for future growth?

Aditya Krishnakumar: The share of the category in Demand and the share of the category in Production are north-star metrics for us. 

StartupTalky: What were the most significant challenges Bidso faced in the past year, and how did you overcome them?

Aditya Krishnakumar: We are very early on in our growth story; we were unfortunate to face the reality of losing one of our key customers, not due to any fault of our own, but due to the changing business priorities for the brand. While this was a difficult challenge, we were able to quickly step up and acquire other customers to continue driving our growth. 

Another major challenge that we continue to face is hiring. The first 10-15 employees are extremely crucial when it comes to setting a good foundation for the company for future growth. We are able to navigate this by being slow, deliberate, and thorough in our hiring process.

StartupTalky: Trust among all the stakeholders is very important for a marketplace. How do you ensure it?

Aditya Krishnakumar: Ensuring trust among all stakeholders in a marketplace is crucial for its success. Some key factors to ensure this are: 

• Transparency: Clearly communicate policies, terms, and conditions to all stakeholders—buyers, sellers, and intermediaries. Transparency builds credibility and reduces misunderstandings. 
• Reliable Reviews and Ratings: Encourage genuine feedback from users and ensure authenticity by monitoring and verifying reviews. This transparency helps build trust by providing insights into the experiences of others.
• Customer Support: Offer responsive and helpful customer support to address queries, concerns, and issues promptly. A reliable support system enhances trust by demonstrating a commitment to user satisfaction. 
• Quality Assurance: Enforce quality standards for products or services listed on the marketplace. Guaranteeing quality builds trust and credibility among buyers. 
• Data Privacy: Protect user data by adhering to stringent privacy policies and complying with data protection regulations. Respecting user privacy enhances trust and confidence. 
• Conflict Resolution Mechanisms: Establish fair and efficient dispute resolution processes. This ensures fairness in resolving conflicts, fostering trust among stakeholders. 
• Regular Updates and Communication: Keep stakeholders informed about marketplace updates, improvements, and changes. Transparent communication builds trust by keeping users engaged and informed. 

StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack that you pulled off.

Aditya Krishnakumar: As a B2B sourcing startup, our growth is marked on different metrics and not on the number of downloads, MAUs, or views. There are limited to no shortcuts to growth in our business. Our business only grows when we consistently and reliably deliver superior value to our buyers and manufacturing partners day in & day out. 

As far as marketing strategies are concerned, we use all the typical channels, such as:

• Social media platforms such as YouTube and Instagram to maximise our reach 
• Digital & email marketing channels  
• Trade fairs etc 

In addition, we also rely on our own platform to consistently reach out to the relevant audience and communicate our value proposition, delivering delight to our brand partners & manufacturing partners. Most importantly, we try to ensure that our work speaks for itself. 

StartupTalky: Keeping up with supply and demand is important. How do you keep both in order while ensuring a seamless experience for users?

Aditya Krishnakumar: Managing supply and demand effectively is essential for a smooth user experience in any marketplace or business. At Bidso, we try to ensure a few things like: 

• Develop an agile and flexible supply chain that can quickly adapt to changes in demand. Establish relationships with multiple suppliers to mitigate shortages or unexpected increases in demand.
• Ensure our infrastructure, both physical and technological, is scalable to accommodate fluctuations in demand without compromising user experience. Scalability prevents system crashes or slowdowns during peak times. 
• Communicate effectively with users about stock availability, delivery times, and any potential delays. Transparency builds trust and manages user expectations. 
• Collaborate closely with suppliers, logistics partners, and vendors to streamline operations and respond efficiently to changes in demand. 
• Engage with users to understand their needs, preferences, and feedback. Incorporate this information into supply and demand planning to better match offerings with customer expectations. 
• Continuous Improvement: Regularly review and refine strategies based on market dynamics, user behavior, and emerging trends. Continuous improvement ensures adaptability to changing demands. 
• Flexibility and Adaptability: Be ready to pivot strategies quickly in response to unexpected changes in the market, external factors, or user behavior. 

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StartupTalky: What are the important tools and software you use to run Bidso smoothly? Are there any emerging technologies or tools you are considering integrating into your marketplace operations?

Aditya Krishnakumar: The Zoho suite has proved invaluable to us. Similarly, B2B prospecting software like Lusha has been of great help in helping our demand teams find and connect with the right person for the brands and accounts that we are targeting. The technology team at Bidso is a capable bunch that meets most of our requirements in-house.

StartupTalky: What opportunities do you see for future growth in the manufacturing industry in India and the world? What kind of difference in market behavior have you seen between India and the world?

Aditya Krishnakumar: The opportunities are plenty. With many global brands actively trying to de-risk their supply chain and develop multiple sources of supply, India is well poised to capture an increasing share of global trade across industries. 

Market behaviour differs widely depending on the region & the economy that we are talking about. There is no one answer, or a one size fits all approach. What works in Europe is different from what works in Australia, which is different from what works in East Africa. 

A more interesting question is to ask what is common across markets, and there, the answer is clear. Every market seeks a superior experience at a better value compared to what they have currently.

StartupTalky: What lessons did your team learn in the past year, and how will these inform your future plans and strategies?

Aditya Krishnakumar: Learning to fail fast has been very valuable. Embracing failure as part of growth encourages adaptability and risk-taking and fosters a culture of experimentation and creativity. Identifying failures early aids swift adjustments, enhancing market responsiveness and individual resilience. Ultimately, the approach cultivates an innovative environment by reducing the fear of failure and leveraging insights for smarter future endeavours. 

Another major lesson has been to have a laser-sharp focus on the scope of our company and our value proposition. It is tempting to do many things, but it is very important to say no to a lot of tempting potential opportunities. 

In addition, the evergreen lesson of the importance of delivering a superior customer experience is something that is crucial to success for early-stage companies. 

Going forward, we plan on continuing to experiment and doubling down on our successes while maintaining a laser-sharp focus and delivering a superior experience for all stakeholders on our platform. 

StartupTalky: How do you plan to expand the customers, service offerings, and team base in the future?

Aditya Krishnakumar: We have a fairly well-thought-out plan in terms of the business growth, categories to operate in, capability building on the production side, and the kind of team we need to execute. The next year will largely see us executing this plan to ensure we get quality growth at a rapid pace. 

StartupTalky: One tip that you would like to share with another marketplace company founder?

Aditya Krishnakumar: One tip for marketplace founders is to prioritize building trust among all stakeholders. Fostering transparency, reliability, and a great user experience would also be some additional factors to look out for. Cultivating trust enhances user retention, attracts new participants, and fortifies the marketplace's long-term success.

StartupTalky extends its gratitude to Mr. Aditya Krishnakumar for dedicating his valuable time and generously sharing his insights with all of us.

Explore more Recap'23 Interviews here.