Formbid-Promoting Lean Construction

Describe the growth of Formbid from day start to now?

Our primary focus on growth for Formbid, being a startup is measured by the market acceptance and the capacity of orders we are facilitating as a platform. Since the beginning in March, Formbid has facilitated upto 7.1 Crore worth system formwork orders & currently has more than INR 40 Crores worth orders ready to bid in the Platform. We also have repetitive buyers which showcases the effort and benefit the platform offers. We look forward to facilitate more orders this Financial year.

Do you offer customised solutions to your clients?

Yes, all our clients – Suppliers as well as buyers may have customised requirements that is specific to their product listing/ requirement. We have a strong development team who can quickly incorporate any customised tracking or design requirements that our clients ay require and identify most suitable solutions to deliver the same.

What is that one strategy that keeps you one step ahead of your competitors?

Formbid was formed with the sole idea of integrating technology to promote Lean Construction, Just in Time concepts & Quality assurance. Our only strategy is to address the market requirements and solve them by technology and Machine Learning. We believe this coupled with our expertise in Formwork is what keeps us ahead of the competition.

What according to you are the key factors contributing to Growth & Development of Infrastructure in India?

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 projected to be 7% in 2022-23, which is the world’s third largest economy. India’s housing projects have also increased by 15% in the last three years, with an expected increase of 8%.
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 had increased adoption amidst constructions that were used to Conventional methods.

How has the formwork industry evolved over a period of time?

Formwork solutions are constantly evolving to factor the ever-increasing challenges that the construction Industry is facing. Each project has its own unique requirements and challenges that need to be countered by Formwork. Due to this the Formwork Industry has moved miles ahead in terms of quality, system optimization and also operating methodology. The only progress yet to be made is in terms of market awareness till the end consumer and transparent order fulfilment, quality assurance. We believe with formbid we can address these requirements also and make the Indian formwork industry a benchmark in the Global market.