Established in the year 2016, Shakedeal is a B2B e-commerce platform that solves problems in the procurement and distribution space.
Working on their family business, brothers Akshay and AkashHegde witnessed multiple pain points including procurement issues like sub-optimal pricing, delivery service levels, and streamlined supply that posed production challenges. And, as they tried to grow the market for their goods, they saw an opportunity to bring down the cost of distribution while driving volumes, realizing higher margins, and improving cash cycles. Riding on the idea, Akshay, Akash, and their friend Santhosh Reddy (34) came up with the idea of Shakedeal.
Shakedeal is one of India’s largest procurement-focused e-commerce platforms. It also provides proprietary sourcing, procurement, and pricing intelligence tools that ensure and guarantee savings for procurement departments. ShakeDeal enables procurement through its proprietary negotiation software along with on-demand aggregate buying for reselling or consumption. It offers products such as power tools, hand tools, cement, cutting tools, office supplies, and packaging materials.
They are currently associated with over 10,000 SMEs and 200 + large enterprises such as Adani, Vedanta, Tata consumer products, Nayara Energy, Bharat Heavy Electricals Limited, Shell, and Flipkart.
After a difficult year because of the economic shock caused by the pandemic-induced lockdown, the company witnessed a very quick rebound with revenues crossing the pre-covid level. The procurement sector is one of the sectors that have been a big beneficiary of the accelerated digitization seen post-pandemic.
Shakedeal has been chaperoning large enterprises in making this digital transformation in the procurement space. Talking about the path to profitability, Akshay said, “We have scaled our business more than 30x since 2018. We have managed to grow 300% compounded annually for the last two years now and seem to be well-positioned to clock similar growth this fiscal as well.”
Backed by the US-based Private Equity Firm Vora Ventures, Shakedeal has been successful in scaling the business as the company is now close to 100 cr annualized revenue run rate.
Going forward, Shakedeal is constantly seeking profit-pools and looking to unlock value by improving its value offerings around these areas.