A Memorandum of Understanding (MoU) has been signed by Invest Punjab (Punjab Bureau of Investment Promotion), Government of Punjab, with Pumpkart – one of the largest Startup from Punjab, which is all poised to become the first Unicorn from the state.Mr. Sibin C, MD, Punjab Small Industries & Export Corporation(PSIEC) signed the MoU on behalf of Punjab government and K S Bhatia, Co Founder& CEO, Pumpkart on behalf of Pumpkart.
Under the MoU the Micro Small & Medium Enterprises (MSMEs) of Punjab will get the advantage of E Commerce to both promote and sell their products. Under the MoU many concessions including
discounts on the transaction fees will be given.
The MOU signing took place at Hotel JW Marriott here and was attended by leading bureaucrats andindustrialists from Punjab. Ms Vini Mahajan, Additional Chief Secretary Investment Promotions and Industry & Commerce, Punjab was the Chief Guest, while Mr Sibin C, MD, Punjab Small Industries &
Export Corporation was the guest of honour.
Vini Mahajan said, “I am happy to announce the MoU signed with Pumpkart for the promotion of MSME’s in Punjab. I am here to support and encourage new thinking and enterprises who dream big.
Growth of micro, small and medium enterprises (MSME’s) is our priority. While the nation and the world has been passing through the phase of economic recession, Punjab has attracted over Rs 50,000 crore new investments. The industries in Mandi Gobindgarh are being revived. Keeping in line with the Make in India programme, we have formulated the Make in Punjab policy. This is a time to work together. Our focus is on providing jobs to the youth and our dream is to make Punjab number one once again.”
K S Bhatia, Co Founder & CEO, Pumpkart said, “Punjab has more than 2 Lac MSMEs and Pumpkart’s E Commerce business model would give them a direct access to the domestic market without adding in any costs. Implementing the MOU in 4 different phases it is targeted to bring in at least 10% of these MSMEs on Pumpkart’s E Commerce platform in the next 2 years.”
Sibin C. said, “MSME sector is the strength of our state. After this tie up with Pumpkart, now we are looking for other E Commerce platforms also. I think, a lot of awareness is required in this regard. That is why, the government has been organizing various awareness camps to underline the need for E Commerce amongst the MSME sector of Punjab.”
On a growth trajectory currently after securing funding last month, Pumpkart is continuously adding “firsts” to its portfolio- the MoU with Punjab government being the latest. Amongst the whole online ecosystem of Punjab, Pumpkart has become the first E Commerce company to sign an MOU with the Punjab Government.
The event was also graced by the Chairman of Chamber of Industrial & Commercial Undertakings (CICU), Ludhiana, Mr. Upkar Singh and Mr. Gurmeet Bhatia, Former Chairman, CII Punjab, Mr. Kumara Guru DNV , Director(External Relations) of Indian School of Business(ISB) among many others.
Manish Saini, Co Founder, Pumpkart said, “We have already laid out a well thought out execution plan which is being implemented. This includes training for MSMEs using E Commerce platforms to further their businesses. The first of the many workshops to train onboard MSMEs is starting on November 15th at Ludhiana from whereon the workshops will move to Jalandhar, Kapurthala, Amritsar, Hoshiarpur and the other districts of Punjab in Phases.”
Mr. Kumara Guru DNV said, “Pumpkart is not only about pumps, it has adopted a wide approach towards business. It is one of the leading start ups in the state and Punjab is always known for the spirit of enterprise. The benefit of this association will go not only to the state, but to the whole of the country.”
A B2B E Commerce company, Pumpkart has a Brand to retailer Business model under which it sells Appliances, Electrical, Electronics and Industry Supply products to the retailers directly. This entire system created by Pumpkart will immediately become available to MSMEs registering on its platform.
It is noteworthy that starting as a Pumps E commerce business Pumpkart pivoted into B2B space and has become the only profitable E Commerce company in India for 2 years consecutively. Dr. Ritesh Mallik, the co-founder of Innov8 was the first Investor in the company who was followed by Dr. Dinesh Dua, Chairman of CII North India Startup and Entrepreneurship recently. Legendary cricketer Kapil Dev is Pumpkart’s brand Ambassador. Pumpkart currently valued at 70 Crores, also holds the distinction of being the first E Commerce company that does not only sell the products but also provides services of the products sold from its platforms. This benefit is one which is attracting many manufacturers and retailers into its fold. Pumpkart has 15 operational Service centers currently across Punjab. This will be
another edge that MSMEs from Punjab will get.