What is the rationale behind starting YantraLive?
Operations in the heavy equipment ecosystem have been digitally laggard. Industry 4.0 has not yet majorly touched this industry and it still operates as a very traditional industry. As a result, the economic value produced per person in construction and mining has not changed in the last 2 decades. There is a strong need for an ecosystem of players who develop networks and derive value from. Key catalysts for our existence are India is being built - This is the biggest thing that is happening this decade. Look at the 2022 budget - Lots of focus on Infrastructure development; there are NOT many tech start-ups focusing on this sector. Most of the investments are in fin-tech / consumer-tech. This is a tough problem to solve; these trends are not just in India but in many developing countries globally. So our opportunity is massive and global in nature.
We as technology experts and serial entrepreneurs saw this as a segment ripe for digital innovation and started YantraLive around 4 years back. Yantra Live is a digital platform for pre-owned heavy equipment, and heavy equipment parts, consumables and services. It is a technology company that caters to the Construction Equipment industry by assisting in hassle free equipment ownership and reduce equipment downtime.
We have created a digital platform called HEOS (Heavy Equipment Ownership Simplified) - to solve the critical challenges and issues faced by the Construction Equipment industry to digitize and supercharge the current human network ecosystem.
Can you brief us about the market for spare parts used in heavy equipment?
These equipment are critical for business and have high wear and tear. Heavy equipment owners spend 100% of the cost of the equipment in maintenance and repairs over its lifetime. Overall market for parts and services in heavy equipment which includes construction equipment, material handling equipment and construction vehicles is $6 billion. This market is complex because 12 million+ original SKUs and equipment are geographically fragmented across India. Parts availability at the right price is the major problem for common heavy equipment owners.
Which are the spare parts that are much in demand?
We classify parts as consumables, wear parts and breakdown parts. Consumables like filters, tooth points and lubes are high in demand. Most of the customers prefer good quality aftermarket parts for their equipment.
What are the other value-added services you provide?
We offer expert consultation on customer requirements to solve their pain points. We look at the overall fleet, their productivity and expense on maintenance. Based on initial data, we offer a bouquet of services on our HEOS platform that include managed fleet maintenance, inventory planning for their multiple sites and plan their parts supplies across sites. We focus on addressing the equipment productivity and delivering better ROI on their assets. We offer ease of doing business by providing simple mobile app and conversational commerce. These offerings help customers reduce effort on purchase, plan for predictive maintenance and get higher ROI from their fleet.
Do you have tie-ups with financial institutions? If yes, please provide us the details
As part of our HEOS platform, we do offer fintech solutions and have received a very good response from fleet owners since its roll out. Apart from this, we are tying up with a few banks like Axis Bank to finance our products.
What are the after sales services you offer, if any?
YantraLive offers installation and technical support for all products. We also believe in educating our customers on the usage and predictive maintenance on our platform.
What are your growth plans for YantraLive for the next three years? Any new verticals are you planning to launch?
YantraLive is planning to grow in three dimensions. One is to scale our fintech services across India. Secondly, adding more product categories, we have recently started serving the stone crusher segment as well. Thirdly, geographical expansion we have focused on Karnataka and Maharashtra so far, we want to go deeper in each district in India.
