Tata Steel has recently got a turnover of over Rs 156,294 crore in the fiscal year of 2021. This is atleast 5% more than that earned last year.
Tata Steel Limited is one of the most prominent names that pop up in everyone’s mind regarding steel producers. It is a firm based in Jamshedpur and headquartered in Mumbai.
With about 80,500 employees worldwide across 26 countries, the company produces 34 million tonnes of crude steel annually. Tata steels had generated a consolidated turnover of USD 19.7 billion by the end of the financial year ending on March 31, 2020. It is now working with 30 different startups to improve the depth of capabilities to serve its customers.
Tata Steel working with over 30 startups for a better adapt with digital workflow
The Chief of Business Transformation and Digital Solutions at Tata Steel, Sarajit Jha added that “It is essential that we work with a startup with the ambition, appetite, and depth of capabilities to service us. ” This is one of the main reasons that Tata Steel has now collaborated with traditional enterprises and startups to adopt, implement and scale the new age technologies.
At Tata Steel, turning digital is equivalent to creating a business-driven model. That focuses on solutions and design outcomes, according to Mr. Jha.
Criterias to fulfil
Being one of the most prominent names in the Steel industry,Tata Steel has specific criteria for selecting a startup that they want to work with.
- The first criteria include having an intellectual property or striving to develop one.
- The second criterion is that the startup CEO must support the relationship with clients. This is one of the main criteria that most startups don’t have the appetite or enthusiasm to navigate through Tata Steel.
- Third and most important, the startups need to state their successful results clearly.
This is one of the main reasons why very few companies have found themselves in the good book of Tata Steel. Tata Steel has collaborated with two startups. This includes Aarav Unmanned Systems, a drone technology startup, and Maximl, a SAAS enterprise startup.
When engaging with such new-age organizations that offer technological solutions. The main object of the enterprise remains to grow and develop their business model further.
Digital transformation is sweeping through different industries. Thus it has become essential for startups to scale their solutions both effectively and consistently to work with the more giant enterprises like Tata Steel.
“Digital transformation is a thing of the past,” stated Mr Jha. He also added that Tata Steel now has agility in its mindset. So, it doesn’t matter to the Tata group where you come from as long as the agility attitude is engrained in the company.
The only issue that startups face is to keep up with the clock speed and scale with the digital solutions at Tata. The hunger and ambition to build an enterprise-scale platform or product are critical for large companies like Tata to work with them.
Startups are getting collaboration opportunities with Tata Steel with just a mail.
Startups are getting the chance to grab the attention of Mr. Tata regarding the investment project with just a mail.
- Contacting Mr. Ratan Tata is as simple as getting in touch with someone from Tata Trusts. But this process is time-consuming.
- Formally edited emails with a purpose statement can be a great way to get funding. With a clear proposal purpose, Startups are getting their chance to approach Mr. Tata himself.
- Contacting Mr. Venkatramanan from Tata Trusts to fix a meeting with Mr. Tata to propose the concept. Writing a letter outlines ideas and offers different investment ideas to get a platform.
With an agile model to support their businesses, startups are now getting a better chance of collaborating with the world’s second most diversified steel marketer.