Online platform The Yarn Bazaar plans to take up financing, expand footprint abroad 

Online B2B (business-to-business) marketplace startup Yarn Bazaar has begun associating with large fashion brands, including global firms, and large-scale buyers while planning to make its presence felt abroad before the end of the year, the company said. Founder and CEO Pratik Gadia.

“We still want to focus on the domestic market…and maybe sometime in the middle or end of the year we’d like to start an international presence as well,” he said. business line In an online interview.

Launched in 2019, the company enables textile companies to discover yarn prices, information, people, market trends, and trade in one click.

Offer a comprehensive solution

It is an online marketplace that has simplified searches for leads in the country. In this, it has helped the local yarn manufacturers to become national and enabled the buyers with a wide range of products and quality to choose from.

“We are a professional transaction platform, which is a one-stop solution. We do everything, for example, from discovery to QC (quality control), transactions, fulfillment, consulting, market and everything together, including transportation,” said Jadea, who comes from a family business. in the textile industry.

Yarn Bazaar is now planning to get into the financing part of the business. At the moment, the buyers pay 100 percent in advance, but we know that they have a huge working capital crisis due to the nature of the business. So, we are now starting to associate with banks and non-bank financial companies to enable supply chain financing for them.

The pandemic and beyond

About the vision of the company during a testing period since its launch in light of the Covid pandemic and wa The volatile cotton marketGadea said that the online platform has been in a consultative state since the beginning and has intervened to help stakeholders say that it is normal for prices to go up.

Spinning Market note that most brokers are in guarantee Cotton or yarn supplies Not focused on consulting. said the founder and CEO of the company, which works with big players such as Sintex, Trident and a global fashion company.

The pattern remains more or less consistent over the next two years. “When we started, the lockdown was announced from March 2020. Prices went down by 30-35 per cent. After that, they started going up slowly before touching ₹1 lakh last year,” said Jadia, who has spent 6-7 years with his father. In the family textile business.

Yarn diversification

Since The Yarn Bazaar had access to the data, it started sharing the reports with its shareholders and making sure buyers didn’t panic. It was important to address the problem as the nature of the textile industry varies where raw materials make up 50-80 percent of the cost of the final product.

One of the first things The Yarn Bazaar did shortly after the pandemic lockdown began in 2020 was launch an advisory column where it had podcasts, live stories carried on apps like Spotify and Google podcasts, and fortnightly newsletters.

“Obviously, we focus on spinning and we don’t want to do anything else in the value chain. But we have started to diversify into other yarn categories. We started with a good amount of viscose and polyester spun. We are about to start trading with polyester,” said the founder and CEO of the company. “.

Industry interactive sessions

Yarn Bazaar is looking for cotton sourcing, mainly offering expertise to yarn suppliers. “We have someone who can advise you which cotton to get, at what price, and why cotton is more important than price too,” he said.

The online platform, which has processed around 4,000 orders with an average size of Rs 25 lakh, has started conducting interactive sessions in the industry, mainly interacting with college students, especially those majoring in textiles, to make them aware of the opportunities available in the sector.

“We looked at the data. Not many textile students end up in the textile industry. They would rather go to another industry where they get higher salaries. It’s a chicken and egg problem,” said Jadea, whose online platform has registered 15,000 companies out of which 150 deal as suppliers if they don’t. The industry attracts talent, it will not prosper.

yarn imports

The startup, which also sourced yarn with importers based on their requirements, is now trying to empower these students so that they can launch new sectors. The idea, he said, is to train these students and provide them with skill sets so that the industry can recruit these talents for specific roles.

Jadia said textile sector in India It has opportunities in the form of China as well as one in which global companies are looking to promote destinations other than the communist country especially after supplies were affected by Covid and Bangladesh’s Least Developed Country status expired in 2026.

“The price of Indian and Bangladeshi suppliers will be the same after 2026,” said the founder and CEO of The Yarn Bazaar, which has 35 employees.