Tapes Mart has been at the forefront of manufacturing water-based adhesive BOPP tapes used to seal cartons. While there are many uses of these tapes in B2B industries, the main feature of this product is that it offers manufacturers and logistics companies protection against any pilferage.
Based in Coimbatore, the company serves clients across India and other subcontinent markets.
Tapes Mart enjoyed the patronage of its existing clients across India and the subcontinent. The tapes they manufactured were in constant demand due to their one-time-use characteristics. However, due to inadequate working capital, Tapes Mart could not fully meet this industry demand. The COVID-19 pandemic further damaged cash flows, bringing the company's business revenues down by about 30%.
To find new banking partners entailed laborious and time-consuming due diligence and paperwork.
To this end, Tapes Mart was searching for a platform that could offer them an adequate method to assure smooth payments and vendor finance sources, an urgent need of the hour.
The company aimed to grow its business with new customer acquisitions. And to get this process started, it required a minimum of Rs 2 to 5 crore to address the liquidity issues that were stifling production. The company was eyeing to approach the market for new customer acquisitions with a renewed confidence post receiving the said funds that would assist them in streamlining operations.
In search of a solution to fix its cash-flow-related issues, Tapes Mart got in touch with Bizongo.
Bizongo onboarded Tapes Mart on its PartnerHub platform, which was exceedingly quick, hassle-free, and required very little documentation. Bizongo's Customer Success team quickly assisted the company's owner in answering specific queries and resolving his doubts. After this, the domain experts from Bizongo took over and helped ensure timely disbursal of the necessary funds for giving Tapes Mart's business the impetus it needed.
So, what exactly did Bizongo's service entail?
Bizongo introduced Tapes Mart to Supply Chain Financing via their partner - CredAvenue. CredAvenue ensured quick disbursal of the funds to Tapes Mart which proved immensely beneficial to the latter. Bizongo ensured that the digital onboarding was seamless, which meant that contacting a bank or seeking their assistance was no longer required. As a result, Tapes Mart’s sales numbers grew by 10x in less than one year.
The BOPP tapes manufacturing company eliminated its cash flow problems, regularized its supplies, reached out to new clients with confidence, and acquired them quickly enough.
With Bizongo’s Supply Chain Finance Solution, Tapes Mart could accept orders, manage POs, and submit quotes to open bid requests using the unique PartnerHub platform with ease despite their lack of technical knowledge.
PartnerHub streamlined the entire payment process and offered visibility into customer needs and problems, eliminating manual and repeated interactions with them. A move that significantly enhanced customer satisfaction and improved customer relationship management.
With a reduced need to coordinate with customers offline, they intensified production focus and consistently fulfilled delivery timelines.
Bizongo's partnership with CredAvenue helped resolve the issue of funds by 90-95% for Tapes Mart, which brought massive progress in their business.
While our customers already speak highly of the platform, we build finer partnerships with companies like CredAvenue and innovate every day to enhance their multifold experience via technology.
Get the impetus your business needs. Speak to Bizongo's experts today.