Online marketplace nonmovinginventory.com aims to save companies millions annually
Vinav Bhanawat CEO/Founder represented India at Blackbox Connect #14
A 25-year-old serial entrepreneur is aiming to solve the problem of excess inventory in India, one of the biggest problems faced by large companies.
Vinav Bhanawat has developed an online marketplace — nonmovinginventory.com— for businesses to list their excess or unwanted inventory.
The business to business marketplace provides a one-stop shop for companies to buy and sell electrical appliances, machine equipment, motors, cables, diesel generator sets, tools and earth moving equipment.
Vinav also represented India at prestigious Silicon Valley based Blackbox Connect 14 programme. Blackbox Connect aims to link foreign high growth companies with Silicon Valley network.
The company counts HZL, a subsidiary of global mining company Vedanta Resources, as one of its clients. HZL is the second largest zinc producer worldwide, and has nearly $7 million in excess inventory.
Other clients include JK Tyre and JK Cement, two subsidiaries of the JK Group, and BIRLA Corporation.
Businesses list item for sale on the site, giving detailed descriptions. Other businesses can then search for products using specific keywords.
There is no fee for the business buying inventory, but a subscription model is in place for businesses to sell items. Businesses can also opt to have the data entry and keywords done for them by Nonmoving Inventory.
“We allow companies turn unused inventory into cash easily. We hope to expand into the US and China and ultimately become a go-to marketplace for major companies worldwide looking to shift excess inventory.”
“As we grow our marketplace will extend into procurement, helping companies avoid waste by avoiding unnecessary purchases.”
“Companies are losing money due to all the excess inventory lying around. They are paying to insure it and store it. The inventory is also depreciating in value every year. We are the first and only online marketplace to solve these issues.”
Vinav is also the founder of an IT company called PHP Poets and the co-founder of fashion label Territory of Fashion.
He set up the IT company during his third year of studying electronic engineering at SPSU. That company currently employs 12 people.
For further information contact Vinav Bhanawat.
Facebook : vinav.bhanawat
Twitter : vinavb