Repeatedly, people from various industries have took it upon themselves to phase out redundancies they found in their sector of expertise. Vasanth is one such man that has almost a decade of experience in the supply chain working with a leading FMCG company. During this time, he faced several difficulties related to supply chain and logistics. He took cognizance of that fact and decided to start a warehousing and logistics service provider, Store N Move that would use technology to streamline the overall process.
An Engineer with MBA from NITIE, Mumbai, Vasanth has always been on top of his game. He is a proactive person who belives that simplicity is the core aspect that results in success. According to him, technology plays a vital role in the current market dynamics to deliver efficiency and phasing out redundant process.
Please provide a brief overview of your product/ service.
Store N Move is a technology based 3PL company based out of Chennai. Store N Move leverages on technological opportunities which can disrupt the supply chain industry. Incorporated as an LLP in 2012 and converted into a Limited company in 2014, Store N Move currently provides 3 different services
- OLog – An E-market for Trucks
- Warehousing and VAS
- End-to-end Distribution
OLog, our flagship technology platform for logistics has already created good amount of traction in the market. OLog currently handles around 500 orders per day with an average ticket size of Rs: 20000/order.
What inspired you to build the above product/ service?
When a client orders a truck, the order is typically routed to a registered transporter (in most cases the transporter is an aggregator) who in turn routes it to commission agents / brokers with whom he is connected who then links a particular truck to that order. In some cases the commission agents / brokers are also multilayered. This process has inherent inefficiencies leading to higher costs. There is also less supply side inventory visibility in the system as these aggregators are non-technology based and there is a limited set of commission agents with whom any transporter is connected with. We wanted to simplify this process and bring logistics into the online revolution.
What is your life mantra?
Love what you do and do only what you love!
What was the most challenging part of your journey till now?
Logistics is one sector where building a marketplace is quite challenging given the fact that the $100 Billion Indian transportation industry is predominantly a B2B industry. One great supply side challenge was in converting the market from cash to online.
How did you overcome those challenges?
The truck owners were initially hesitant to migrate from a cash system as they felt cash (as advance or on delivery) had lesser risks for payment defaults. Thanks to the seamless payment system that OLog had built with SAP, where this back-end technology is integrated with some of the leading banks and the trust that they built with the partners. Now online payments have completely replaced cash and the truck owners are now more comfortable online. Our take was, as long as you address an underlying problem the industry is facing, you’ll always succeed.
Share some details about the investments that you have been able to fetch for the business till now.
We are currently bootstrapped and are discussing with potential VC / PE firms for funding for further expansion.
How do you protect yourself from the problem of Brain Drain?
We strongly believe in the power of people and take people along in the journey. Any startup will have some amount of brain drain and the only way to tackle is by developing people so that you always have someone to fit in the shoes.
According to you, what are the three qualities an individual must have to achieve success?
- team building
Share any one habit which you think makes you more productive.
Share any one habit which you wish to change in yourself.
Answer in less than 50 words
One tip to success:
Perseverance: Success is a journey and milestones don’t come everyday.
One mistake you believe every individual must avoid:
Being motivated only by Money.
One most important lesson that you have learnt till now:
Take your family along in your pursuit.
What are your plans for next 3 years?
We are looking to grow 100X and touch INR 1000 Cr revenue mark by 2018. We would love to be present in all major cities in India by then.
If you get a chance to start your career again what would you do differently this time?
Would want to cut down the time to market.
What are your top three getaway destinations?
- Yelagiri (Trekking)
- Caribbean Islands.
Share a quote that inspires you the most.
We believe in what Henry Ford said, ‘Whether you think you can, or you think you can’t–you’re right either ways’.