1.What are the biggest opportunities and challenges?
Ans. Praful Chauhan, founder of ScarBID says Scrap sector has been one of the largest sectors in terms of both quantity and worth. India imports more than 6 million tons of metal scrap and around 30 million tons of scrap is being produced by Indian Industries. So, as we are moving towards digital age, we have a big opportunity ahead.
Some challenges that Scrabid might face in its early stage are-
Lack of awareness or illiteracy among grass root scrap dealers that may feel difficulty using this platform
Cash transactions are more prevalent in this trade
Low data connectivity in remote regions.
2.Does you have plans to enter new markets? If so, what are they and what is the timescale?
Ans. Right now we are fully focused to make Scrabid a successful scrap trading platform. But definitely we have plans to enter new markets after a year or so.
3. How big is the market for the product? How fast is it growing? Is it a stable market?
Ans. Market for our service is quite huge! Every industrial unit or an institution producing bulk scrap and buyers like recycling industries, melting furnaces or a scrap dealer is our customer.
With increase in industrialization and global trade, scrap sector will also grow simultaneously and looking at the present scenario of our nation, it is emerging as a potential leading recycling nation thus, creating a huge market for our service.
Scrap market as a whole can be considered stable, although prices of scrap materials, especially ferrous scrap, fluctuate a lot due to various factors.
4. What are the key metrics for success in the next six to 12 months?
Ans. Our key metrics are-
Targeting Big Industrial Units/MNCs to make them sell their annual contracts through this platform.
Bringing scrap trade of grass root level under this platform by capturing as many industries and scrap traders.
Making this platform as simple as possible that can be used by anyone. User interface will be improved and more languages would be added.
5. Who are the investors? Do they take an active role?
Ans. Our investors are mainly from industrial background and are taking an active role by helping us in networking, market research and analysis and have helped a lot in making of this platform. Apart from being our investors, they will be our clients too.
6. What are the top three issues preventing you from achieving your growth targets?
Ans. Only Beta version of our platform is live now and it has limited features at present. But soon main features will be added and only after that we can analyze its growth.
7. What make you to work on this project?
Ans. I have always dreamt about doing something big and significant. I have a deadly combination of Creativity and Problem Solving skills. Looking at the present scenario of scrap trade in India especially in industrial zones, there are numerous problems associated with Scrap trade like it is unorganized trade, lack of transparency, emergence of scrap mafia, etc. These challenges can be converted into opportunity and that is what make me to work on this project. Therefore, here I see the chance to enter into the world of entrepreneurship and to do something that can contribute to the nation as well.
8. Many start ups began and closed under start up India, what do you think the reason behind failure?
Ans. Well there can be many reasons behind it like
Lack of market research and analysis.
Rigidity of product/service, not able to adapt to what market wants.
Lack of patience or insufficient funds.
Change in market trends and government policies.
9. Can we see ScraBid as Milestone in Scrap Market in coming years?
Ans. Sure, why not. If we are able to deliver what this sector really needs and is loved by our clients, Scrabid will definitely emerge as a leading platform in scrap trading industry.
10. ScraBid came under CM Start up scheme, what would you like to say about this?
Ans. Well, Scrabid was registered under the CM Startup Scheme HP, in the month of June, 2018 and we started receiving incubation from Jaypee University, Solan under this scheme. As a young age entrepreneur, I really feel confident that State government is providing a lot of amazing incentives under this scheme that will definitely help in building a great start-up ecosystem in the state. This will create a solid foundation for the future job creators.