City-based Srei Group on October 27 announced launch of iQuippo, a digital marketplace startup for construction equipment machinery and services.

“iQuippo is an independent markeplace model for construction equipment and this is the first of its kind. This is an e-commerce startup from Kanoria Foundation and Srei group,” Srei Infrastructure Finance Ltd Vice-Chairman Sunil Kanoria said.

“Construction equipment business has begun to be revitalised with 30-40 per cent growth registered in the first six months of the current fiscal. I think the sector size is growing to Rs 50,000 crore by 2020 from Rs 20,000 crore annually,” he said.

“The used equipment market in India is pegged at USD 2 billion annually. Around 20 per cent of equipment is available for hire. iQuippo aims to alleviate the information asymmetry, enabling fair price discovery and transparent transactions which is currently constrolled by the unorganised sector,” Srei CEO Financial Services, Devendra Kumar Vyas said.

He said the revenue model will be fee from the trasactions take place on the marketplace. The company will now aggressively tieup with the partners of the eco-system like manufacturers, financiers, brokers, insurers among others to make this online platform one of its kind in India and globally.

Source: moneycontrol