Pune-based Source.One aims at Rs 5 Billion in FY20-21

Pune (Maharashtra) [India], February 5 (ANI/NewsVoir): Pune-based and India's third-largest Polymer distribution company Source.One is geared to post a turnover of Rs 5 billion (Rs 500+ crore) in the financial year, 2020-21. It is a company that dominates more than 300 districts in 20 states across India. It plans to reach the many 700 districts across India in the nearest future.
Sharing about future plans, Founder Arun Singhal says, "We've had a very successful streak since our inception because we created a technology that is a network, to empower the Polymer distribution pipeline. It is a process where we connect over 500 suppliers to post their inventories and over 5,000 buyers get access to these through a simple WhatsApp message. We have managed to shorten the process of acquiring and selling Polymers from hours to less than 5 minutes."
Established in 2018, Source. One has been scaling steadily since its inception. It created a network for plastic raw material distribution in a cost-efficient way recognizing the distance, speed, and time. The technology created is intelligent and a simplified process of procuring and selling polymers across the country. The company has made strong partnerships with:
*WhatsApp API - for daily transactions
* Tata Aig - for credit insurance
* Muthoot Finance - for invoice discounting and
* Tata Capital - for working capital
The company posted revenue of Rs.150 million (Rs 15 crore) in FY 2018-19 and Rs. 1.4 billion (Rs 140 crore) in 2019-20. The ambitious Rs 5 billion (Rs 500 crore) for FY 2021-22 is achievable because January began with the company expanding its portfolio to PET, EVA, Polystyrene.
Source. One is India's first technology platform simplifying Polymers distribution. It is a formidable closed-loop transaction flow platform in Polymers. It is currently present 300+ districts in 20 states and aims to reach all 700+ districts in 27 states and 6 UTS. Designed by Arun Singhal and Shrinath Balakrishnan, with a collective trade experience of over 35 years, Source. One is well equipped to be the leader in Polymer distribution.
The Source. One network is strengthened by a strong interplay of technology, data, innovation, and operational excellence. It has created a system to solve a time-consuming distribution issue. 500+ Suppliers use the Source. One platform to post their Inventories and buyers get access to these through a simple WhatsApp message.
Established in August 2018, this Pune based company scaled from partnerships with WhatsApp API in October 2018 to making a turnover of 300 crores (30 million) in FY 2020-21. The company aims to close around 500+ cr. in FY20-21.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)