IndiaMART, Indias largest online marketplace, has witnessed a phenomenal rise in enquiries

on technological instruments that enable cashless transactions. The machines facilitate

acceptance of payment from customers by swiping of debit/credit/pre-paid cards.
According to Sumit Bedi, Vice President, Marketing, IndiaMART, Following
demonetisation and resultant cash shortage in the market, the surge in the enquiries for point-ofsale and card-swipe machines on IndiaMART indicate that more organisations especially
SMEs, entrepreneurs and emerging businesses -- are looking for alternative payment solutions to
avoid hindrances in business. In fact, the upswing for the demand of such machines has gone up
to as much as 9000% from the day the 500 and 1000-rupee note recall was announced.
ENQUIRIES (Per Day) ON INDIAMART
Timeline
Before Nov 8th
PoS
20-30
Machines
Card Swipe
100
Machines

Nov 9th-Nov 15th

Nov 15th-Nov 30th

100-150

1000

2000

9000

The platform has witnessed major growth in enquiries from cities like Ahmedabad, Jaipur, New
Delhi, Pune, Bengaluru, Hyderabad and Chennai. Post demonetization, there has been a
whopping 10,000% rise in the demand for card swipe machines in Ahmedabad, 7800% in Jaipur,
6800% in New Delhi, 4200% in Pune, 4000% in Bengaluru and around 3500% in Hyderabad
and Chennai. SMEs from cities like Lucknow, Surat, Patna and Indore have also shown huge
interest
in
card-swipe
machines.
After demonetization, the platform has seen more than 11,000% growth in the demand for POS
Systems in New Delhi, 9500% growth in Bengaluru, 7900% in Jaipur. There have been enquiries
from
other
cities
like
Chandigarh,
Mumbai,
Hyderabad
also.
Prime Minister Narendra Modi announced the government move to demonestise Rs 500 and
1000 notes late evening on November 8, 2016.

The Road Ahead

Its all about growth, growth, growth, Brijesh says when asked about future plans. Wed like
to maintain our M-o-M for the next one year as we think about expanding and capturing market
shares in other Tier I, II, III, IV cities, he adds.
As disclosed by Brijesh, it raised INR 150 Cr in March 2016 in a Series C round led by
Amadeus Capital, Quona Capital, and Westbridge Capital. Prior to this, IndiaMART had
raised an undisclosed amount from Intel Capital in 2008. Intel participated in the Series C round
too. And before that, IndiaMART had participated in a PE deal led by the TOI Group in 2006.
With such solid, scalable goals the future seems more robust than not for Tolexo.