MFG.com to add $20 mn to global sales from India in 5 yrs

MUMBAI: With India poised to become a major manufacturing hub, US-based online portal, MFG.com, is likely to add USD 20 million to its global sales from the Indian market in the next five years, a top company official said.

The company, which provides a common trading platform for mid-size manufacturing players, plans to achieve its target through entering into new segments, developing existing ones, offering new products and expansion of verticals.

MFG had last year allowed textile manufacturers on trade on their platform.

"India will be the next manufacturing hub after China as the latter is becoming costlier. We want to tap both the manufacturers and suppliers. We expect USD 20 million revenues from here by 2015," MFG.com's Founder and CEO, Mitch Free, told PTI here.

The company also plans to investing USD 10 million in the next few years in India, Free added.

The company has opened an office in Bangalore last month and plans to invest USD 10 million (Rs 45 crore) over the next five years in technology, back-end operations and adding more workforce, Free said, adding that it would recruit over 100 professionals in sales and marketing over the next 18 months.

Headquartered in Atlanta, MFG.com, offers a faster, easier, efficient and cost-effective model to source manufacturing products compared to online directories and trade shows. It also helps buyers and suppliers witness the prevailing trends of demand and supply in their relevant sectors on a day-to-day basis.