BidForSure is pioneering change in the construction industry by directly connecting contractors with private projects, thereby eliminating the need for middlemen and streamlining the bidding process. Based in Bikaner, this startup is setting new standards in how construction projects are sourced and managed with unparalleled efficiency.
In an exclusive conversation with The Interview World, Ravindra Kumar Bhadu, Founder and CEO, sheds light on how BidForSure is addressing key industry challenges. He discusses the platform’s innovative business model, its impact on the construction sector, and shares the company’s strategic vision for long-term growth. Below are the key takeaways from this compelling conversation.
Q: Can you explain the workings of your contract bidding platform and how it effectively addresses the key challenges faced by the industry?
A: BidForSure is a dynamic platform that offers critical information about private contractors operating across diverse industries. When a government contractor pursues a project, they typically submit bids online through the government’s e-procurement site. Once awarded the contract, they often outsource various aspects of the project to different vendors and private contractors. This is where BidForSure plays a pivotal role.
We empower users by allowing them to create and publish their project bids directly on our platform. This not only invites other contractors to participate in the bidding process but also streamlines subcontracting. Subsequently, our platform makes bidding more efficient and transparent. Traditionally, bidders impose a 2% fee on subcontractors based on the total project value. BidForSure addresses this issue head-on, offering a fairer and more direct bidding environment.
Moreover, we tackle a major challenge faced by small contractors: the cumbersome process of buying, selling, renting, and hiring used construction equipment. In the current market, no dedicated platform exists for these transactions. Moreover, BidForSure fills this gap by providing a marketplace where users can list their equipment, engage in price negotiations, and finalize deals seamlessly.
In essence, BidForSure is designed to be a comprehensive, user-friendly platform where users can easily browse active projects, submit bids, and manage their equipment needs efficiently—all within a single, integrated system.
Q: Could you elaborate on your business model and how it drives value for your customers and stakeholders?
A: In India, there are 400,000 government contractors and a vast network of 75 million SMEs serving these contractors. By targeting just 0.1% of these SMEs, we could attract around 75,000 users. If each of these users places bids on an average of three projects per month, our revenue could reach approximately ₹500 crore. This preliminary calculation also underscores the significant potential in this market. We are at the outset of this venture, and the opportunities ahead are substantial and promising.
Q: Has your product been successfully commercialized?
A: No, we are currently at the MVP stage and are actively developing the platform. We anticipate needing an additional 2 to 3 months before we can go live.
Q: Is your current focus primarily on India, or do you have plans to expand your reach to other international markets?
A: At present, our focus remains solely on the Indian market. Once we have successfully established our new category within the construction segment and gathered the insights we need, we will consider expanding internationally. Companies in the USA have demonstrated the potential for significant growth in this sector, reaching billion-dollar valuations within just five to six years. This illustrates the vast market potential we aim to tap into as we plan our future expansion.
Q: What is the underlying technology that powers your platform?
A: Our platform operates as a Software-as-a-Service (SaaS) solution, specifically designed to streamline contracting. In essence, it serves as a freelancing portal for contractors. Unlike traditional freelance platforms, which connect job seekers with opportunities, our service directly connects private contractors with contract opportunities. We prioritize eliminating intermediaries from the bidding process, ensuring transparency and fairness in how contracts are bid on and awarded.
Q: What is your long-term vision for the growth and sustainability of your business?
A: As previously mentioned, our goal is to reach 75,000 enterprises, each submitting three bids per month. Achieving this milestone is crucial. The platform business thrives on volume. Consequently, increased user engagement will directly boost revenue.
