Serai, the digital B2B platform by HSBC that makes global trade easier for apparel businesses, is committed to empowering businesses in India’s apparel and textile industry. Its various technology solutions help apparel companies showcase their products and capabilities, grow their network and learn about their supply chain.
With the first Indian company joining in February last year, Serai has seen huge growth over the last year. There are over 2000 Indian brands, suppliers and manufacturers on the platform today, including leading manufacturers such as Shivalik Prints, Radnik Exports and Indian Designs. This year alone, Serai has seen a QOQ 23% increase in Indian apparel businesses joining the platform, the largest contributor to Serai’s customer base.
“India is one of the most culturally rich and diverse countries in the world with a wide range of home-grown textiles and apparel companies. While the travel restrictions brought about by Covid have made the traditional way of doing business difficult, this has opened up opportunities to take a new approach. Technology is a critical enabler for us to overcome these issues. Platforms such as Serai’s can help to aid the transition for apparel MSMEs and start-ups to a post covid, digital world. Companies can easily showcase their products, credentials and capabilities on the platform and build relationships with suppliers or buyers from all over the world,” said Vivek Ramachandran, CEO, Serai.
Since its launch in 2019, Serai has continued to build on its capabilities. Staying true to its mission of helping simplify global trade, Serai launched several features aimed at encouraging the apparel businesses on its platform to network, build strong relationships and trade with each other. Recently it introduced a feature that allows buyers to upload their requests for quotations (RFQs) which can be responded to by manufacturers and suppliers on the platform. There were over 1800 RFQs submitted since February, indicating strong global demand for garment sourcing.
“One particularly exciting initiative we’ve introduced is a private sourcing service for buyers who have specific needs. Serai experts will screen for potential suppliers and manufacturers based on the requirements stated by the buyers and arrange individual sourcing. This helps accelerate the buying cycle, especially for small and medium-sized buyers who may not have the network and resources a larger brand would have,” explained Vivek.
With supply chain transparency being a priority for the apparel industry globally, Serai also launched its Traceability solution in January which allows apparel businesses to track cotton and other raw materials going into their products. Through the product, businesses can trace the order flow throughout the supply chain, manage supply chain risks and collect data for compliance purposes.
A subsidiary of HSBC, Serai currently has over 7000 companies on its platform from over 100 countries including India, UK, Bangladesh, Sri Lanka, USA and Australia. About 62% are suppliers and manufacturers, while 38% are buyers and brands primarily from the US, UK and Australia. The company has seen strong buyer engagement, with over 1700 brands and retailers joining Serai in the last six months.
