Taxila Stone Partners with Airwallex to Accelerate Development of Design Super Center
Taxila Stone’s vision was a “one-stop shop” for designers, builders, and fabricators to buy stone slabs, tiles, and high-end kitchen cabinets from Italy, as well as appliances and furniture.
annually on bank fees
Stronger Vendor Relationship
saved each week from simplified processes
Founded in 2020, Taxila Stone’s first warehouse started operations in January 2021. As the company began considering the construction of a second warehouse to meet increasing demand, CEO Hari Polavarapu noticed a gap in the marketplace waiting to be filled — a wholesale design super center for designers, builders, and fabricators. Filling that gap guided Taxila Stone along its growth path.
Managing the supply chain in a global business
Created a scalable and frictionless system to manage money globally
Taxila Stone keeps a lot of inventory on hand for its customers who are located in countries around the world. This means dealing with multiple suppliers, currencies, and shipping companies. The logistics of moving stone slabs, as well as furniture and appliances so they arrive undamaged requires a very hands-on approach to supply chain logistics. And complete transparency when tracking financial transactions with supply chain partners.
CEO, Taxila Stone
Airwallex saves us about $70,000 annually just in lower bank transfer fees.
Airwallex simplifies and reduces the cost of moving money
Before deploying the Airwallex platform, Taxila Stone found it difficult to keep track of payments to suppliers and from customers. There were often multiple banks involved, all of whom imposed of fees of between one and two percent as they processed their part of a transaction.
And, since the company purchased stone tile from more than 20 countries, it was often unclear what the currency exchange rates would be for any particular deal. Moreover, clients in some countries would only accept US dollars because their own currency was unstable, while many in Europe would accept only Euros.
With Airwallex, Polavarapu could lower transfer fees to .04 percent when paying suppliers and could make and accept payments in local currency. Currency exchange rates were also far lower through Airwallex. Taxila Stone moves about $1M a month. At that volume, Airwallex saves the company about $70,000 annually.
CEO, Taxila Stone
Airwallex is helping us build a stronger financial foundation for a growing global company. Their platform offers speed and transparency at a lower cost. We always know where our money is going and when it will get there with Airwallex.
Looking ahead — dual invoicing
Taxila Stone has foreign suppliers around the world that need to be paid. In a typical international payment, suppliers are very aware of currency exchange rates and volatility risks. In order to cover foreign exchange risk, they usually add a risk premium or margin of 1% to 5% to account for potential rate movement on US dollar (USD) invoices.
This is a scenario that Hari Polavarapu is very familiar with. To control his costs in these transactions, soon Taxila Stone will begin requesting dual invoices — one in US dollars and one in the supplier’s local currency. Airwallex gives its customers the ability to pay either in US dollars or the currency of the supplier. Paying in local currency is often far less costly