GARUDA ISPAT: SME Excellence Business Award & Top Business Service And Quality Award 2022/2023
Garuda Ispat International Pte Ltd is a company that is based in Singapore, but operates internationally. It owns the pipeline from source to destination, and trades in scrap metals, including ferrous, non-ferrous, and precious, from home and commercial sources, with materials coming from appliances, house demolitions, and factories. It trades in scrap rubber, as well. The company provides access to a thriving network of buyers and suppliers, and its activity spans across different continents, trading in places such as the US, Canada, the UK, Europe, and Australia. The buyers of the scrap metals come from Indonesia, Pakistan and Bangladesh. They process these metals into smaller pieces, then melt and reshape them. Since 95-96% of the metal on this planet is recyclable, with only 01.% of it lost in the recycling process, the demand for this business is high. Moreover, there is a huge amount of metal in developing countries. The company also provides integrated logistic services for big projects, on top of providing recycling solutions for industrial waste. It complies with the laws, regulations, and norms of the scrap industry as enforced by each country that it trades in.
Mr. Varun Verma, the founder of Garuda Ispat International Pte Ltd, started the business in August 2019. With over fifteen years’ of experience in the industry, and in logistics and operations, Mr. Varun decided to bridge the gap between scrap suppliers and mills by providing a complete solution stack for the industry. Having worked for three other companies, he decided to start his entrepreneurial journey by founding his own company. The company is on the right track in doing big things – a single contract that his company takes on is easily worth half a million dollars. Mr. Varun’s long-term vision for the company is for it to be a powerhouse in providing all sorts of recycling services.
For him, Garuda is a sign of prosperity and hope.
The company differentiates itself from its competitors by having an entire team of people with logistics as their backgrounds. Because of this, they are able to multi-task at a higher level under pressure. They are able to pay attention to safety concerns, and have a capacity to handle high volumes. They run the operations smoothly, providing a great advantage in this industry, while having good problem-solving abilities. Even during the peak of Covid-19, they were able to move a high volume on a weekly basis. Even though this is a high-risk industry, the team has a track record of excelling. As a result, the company is able to guarantee competitive shipping solutions for all the logistics for its customers. It is also focused on adding sustainable practices to its business processes.
Garuda Ispat International Pte Ltd is facing many challenges, especially as a growing start-up company. Cash-flow is one of the main problems that it faces, and this is an expected problem for the company for the initial five to ten years. As such, the company adopts a dynamic approach towards its finances, which accommodates market challenges, ensuring flexible and reliable operability. As the commodity market is growing so quickly, the company is growing along with it as well. Garuda Ispat International Pte Ltd’s team is expanding, and the company is branching out to other countries. It is expanding its services to countries such as Poland and the Netherlands. Despite fluctuations in the global nickel market, it is maintaining a steady volume in steel trade. The company manages its staff of ten people well; this number does not include the multiple agents that it has globally. There is an automated system designed in such a way as to allow different departments to pick up each other’s work in a streamlined manner despite being in different time-zones. As such, Mr. Varun does not have to expend too much effort on overseeing the daily processes of the company, allowing him to focus on business development instead.
The company is looking into new technology for processing scraps from clothing, sponges, rubber, plastic, and other things that usually go to the landfill immediately. It aims to provide a better solution for recycling these scraps. Not only that, it is also currently in the process of improving its methods of recycling paper, as well.
As an entrepreneur, Mr. Varun finds that he is able to pick up calls and work from any part of the world, even during vacations.
Such versatility is a privilege that he enjoys. He is still trying to find a balance between his work and personal life, but he enjoys the flexibility that this arrangement offers to him.
Mr. Varun believes in sustaining healthy habits to reinforce his success. He eats healthy food, meditates in the morning, and is a strong believer in stress management. Garuda Ispat International Pte Ltd’s biggest and proudest achievement is being able to continue its operations, and being able to hire new workers during the pandemic while most other companies struggle to stay afloat.
The entire team in the company is supportive of Mr. Varun, and they show their support by being flexible with their work arrangement.
Another achievement that the team has is that Ms. Viji, the person in charge of operations in Singapore as a business partner, has received an award from the president on National Day. She was conferred the Public Service Medal in 2020, which is rewarded to any Singaporean who has rendered valuable service to people.
Mr. Varun provides valuable advice for young entrepreneurs who may be just starting out with their businesses. He says, “The beginning is always the hardest. While it may seem impossible at first, you should do all the right things, and never take shortcuts. You should focus on your goal, such as sales. Start building a model for the project before selling it to someone else. Do your homework and research it thoroughly. You should study the field carefully, know what you’re getting yourself into, and show credibility to the customer so that they will respect you.”