- Apr 02, 2017
BaganTrade.com နှင့် Dealstreetasia အင်တာဗျူး
Our Bagan Hub Co.Ltd had interviewed by Dealstreetasia Media in last September 2016. Here is the summary of Interview.
Bagan Hub Co Ltd is local startup company which runs B2B online trading platform (BaganTrade.com) to expand its e-commerce business and raise fresh capital.
Six Hundreds of local companies registered in BaganTrade.com and it has 30,000 page views per month. International business can directly make inquiries and buy made in Myanmar products.
Last two months ago, after raising $100,000 from the local investor, Bagan Hub bore new entity BaganMart.com which is focused on B2B promotion in sectors like construction, industrial and electrical products. Pyie Phyo Paing, founder, and MD of Bagan Hub Co.,Ltd said that we are looking into getting to make payments directly from our platform. We are yet to prepare for logistics, payment systems to make it happen. BaganTrade could take more time.
Paing said the vision of B2B trading platform is to help connect suppliers directly to international buyers where he sees the space to growth in the future. Most of Myanmar products are being sold in an indirect way in the international market so local suppliers fail to get a good price because of lack of internet based knowledge. We want to fill the gap and be a bridge to connect foreign markets that why we choose this business model.
Last 2015 June, Paing,35 , initially started the site with his own capital of about $40,000. After a year, he raised about K$ 40,000 from Nay Min Thu, founder of iMyanmar House. In the middle of 2016, he received the capital investment of about $100,000 from Arkar Soe, as an individual investment. One of his educational backgrounds is Computer Integrated Manufacturing from NTU in Singapore.
Today, Bagan Hub is valued at about $2.5 million and it is in advanced talks to a foreign investor for an additional $500,000 investment. According to data collected from local suppliers, BaganTrade’s average transactions range between $1000 to $3000.
Got most email inquiries for agricultural products such as beans and corn while successful case studies orders were Shan traditional products like bags and Remy's hair.
We have got about two paid members so far for each of the websites and plan to soon do marketing for a paid system, said the 35 years old founder. The paid suppliers will be carefully verified before uploading on the site.
We need to educate the local suppliers to familiar for using email for communication and posting pictures on the platform remain. That are the Challenges for us. However, if in need, BaganTrade Team helps out with the reply for inquires.
To reach out to the local suppliers through telephone at times email or messaging does not attract them, we need to use more manpower said by Paing.
“Currently, our platform is just in the stage as a promotion platform while in the long term, we will try to allow orders directly through the website. At first June 2015, their team has five and now an increase 21 people” said Paing.