Citing an upward trend in the use of system formworks, Subash Arunachalam, Founder & Director, FormBid explains the growing importance of online buying and selling platforms for system formworks. He proudly states that FormBid is working on fulfilling orders worth ₹15 crores.

Demand trends for system formworks
The Indian infrastructure market is booming, and the demand for formwork is increasing. The country’s GDP growth rate has been robust and has increased and is projected to be 7 per cent in 2022-23, which is the world’s third-largest economy. India’s housing projects have also increased by 15 per cent in the last three years, with an expected increase of 8 per cent.

Post-Covid, the construction projects have sped up to compensate for the lost time due to lockdowns. This, coupled with the cost-time savings from using system formwork materials, has increased adoption amidst constructions that were used with conventional methods.

Buying custom-made formwork products and solutions online
An online platform will instantly increase the awareness of different system formworks that are being produced indigenously to potential buyers. Acting as a trusted third party will increase the adoption of Indian-made products in the global market by answering key questions in purchase decision-making, such as due diligence, supplier capacity, order fulfilment guarantee, quality assurance, and secure payment solutions.

Since our ground team directly interacts with buyers and onboards only curated requirements, we bring more qualified projects accessible to our suppliers rather than providing leads. Now our suppliers can compound and leverage our marketing, branding, and sales teams for increased exposure. FormBid will bring competent suppliers to the forefront and make them useful to potential buyers.

Advantages of increased digital access for project procurement
Though we are in the early stages of our options and solutions, the industry welcomes the development of an online platform with open arms. They are the initial adopters of this technology and prioritise being at the forefront of future growth.

With increased adoption and awareness of system formwork materials, the market demand for project experts and providers will grow and become more accommodating as they become aware of the importance of formwork. The initial market traction we face for FormBid indicates that the industry is welcoming progress. Till August, FormBid has facilitated ₹5 Crore worth of projects and is currently working on fulfilling ₹15 Crore worth of orders.

FormBid’s tailored solutions for system formworks
Our products and solutions are designed specifically for the formwork construction industry. During the development phase, we brainstorm to create a product ready to scale to accommodate additional products and integrations as demand grows. Since most of our core team is already part of our founding team, we can keep a check on the costs and increase flexibility and dependability through our team’s substantial experience in both formworks and software solutions.

Our listed products, we are a direct representation of our suppliers, adding value to their existing supply chain and increasing buyer trust in our suppliers.

For more details visit https://formbid.in/about-us/