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The Supply Chain Innovator StoreSpace has innovated and brought supply chain management on the technology platform which was otherwise largely done manually and owns the user experience across the value chain for its clients.

By Entrepreneur Staff

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StoreSpace

Tanya's entrepreneurial journey had begun 6 years ago while she was at Barclays Investment Bank. Aware that logistics was one of the most fragmented industries, she spent six months analyzing the supply chains of 100 multinationals in the second half of 2015 post resigning from Barclays and the common observation was - suboptimal supply chain assets' sweating. This was due to high industry fragmentation, seasonality and not so robust demand forecasting across supply chains. The capacities were built to peak leading to cost and operational efficiency leakages at all nodes. Having realized this, Tanya then started StoreSpace, a next generation supply chain organization built around sharing of assets, collaboration, flexibility, agility, reliability, responsiveness, technology and data.

Indian logistics market is pegged at ~$215 billion that is growing at 10-12% CAGR. About 85% of the market is unorganized and the company aims to organize this segment of the market. With digitization and plug and play, StoreSpace has innovated and brought supply chain management on the technology platform which was otherwise largely done manually and owns the user experience across the value chain for its clients. Gaining customer trust and solving the pain points most optimally is important for StoreSpace.

The unique selling proposition of StoreSpace is the fastest and the most flexible route to the market, even in the most uncertain and dynamic situations. The COVID-19 pandemic has shown that flexibility, agility, responsiveness, visibility, reliability and digitization are not just good to have but are now abso lutely imperative. StoreSpace and its ability to deploy end to end supply chain solutions in four days at any location across India set it apart from the competition in the market. Human capital has been the most important asset for StoreSpace since its inception and more so during the pandemic. The company had distributed thousands of medical grade masks, hygiene kits, safety gear to all its teams, warehouse teams, frontliners, vendors, blue collar force working at all the warehouses and works of place. When the pandemic hit, all businesses were affected by it however, the operations, safety and new initiatives teams of the company brainstormed to come up with business continuity plans to not only ensure minimal impact on existing operations of the company's clients but also to ensure an upward graph in businesses of the clients during this period.

During the COVID-19 health crisis, the local and global supply chains were deeply disrupted, however, StoreSpace helped businesses maintain business continuity, a robust and responsive supply chain and helped with increase in sales too. This was only possible as the company's clients had access to its premium supply chain, logistics, warehousing & 3 PL services from its pan-India flexible supply chain network. Even during the pandemic, the company was able to launch operations in four days, setting a new standard. Ever since the inception, StoreSpace has been a capital efficient, cash flow positive and a PAT profitable business. Aside from the macro factors for the growth, COVID-19 has been a huge impetus for the company's growth. With that said, the company has an ambitious growth plan with the employee count expected to surge to about 400 and CAGR projection bumping up to 650% over the next three years.

Entrepreneur Staff

Entrepreneur Staff

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