What is RFQ (Request for Quotation)?
A Request for Quotation is a formal document a buyer sends to suppliers asking for price, lead time, and terms — the first step in any B2B procurement. On VyaparSethu it's called a "Requirement".
RFQ stands for Request for Quotation. It is a formal procurement document where a buyer specifies what they need — product, grade, quantity, delivery location, timeline, and packaging — and invites suppliers to respond with a Quotation (price + terms).
A good RFQ includes: product name with specification/grade, quantity and unit (MT, pcs, kg), delivery location, required delivery date, payment terms preferred, quality certifications required (IS, BIS, ISO), and whether samples are needed.
On VyaparSethu, buyers can post a Requirement via three modes: Text (type it), Speak (voice recording transcribed by AI in 90 seconds), or Video (upload a 60-second clip). All three create the same structured Requirement that verified suppliers can quote on.
Suppliers on VyaparSethu receive matched Requirements in their category and respond with detailed Quotations within 24 hours. The buyer can compare all quotes, ask follow-up questions, and select the best offer — all within the platform.
The Quotation → Deal → Protected Payment flow ensures that once a Quotation is accepted, the payment is held in escrow and released only on confirmed delivery, eliminating the risk of advance payment fraud common in Indian B2B trade.
Frequently Asked Questions
What is the difference between RFQ and PO?
An RFQ (Requirement) is sent to multiple suppliers asking for prices. A Purchase Order is issued to one supplier after you've selected their quote — it's a binding contract to buy.
What should be included in an RFQ?
Product name, specification/grade, quantity, unit, delivery location, required delivery date, payment terms, quality standards, and whether samples are needed.
How long does it take to get quotes after posting an RFQ?
On VyaparSethu, verified suppliers respond within 24 hours. Most buyers receive 3+ quotes within 6–8 hours for common industrial categories.
Is posting a Requirement free?
Yes, posting a Requirement on VyaparSethu is free for all buyers. You only pay a small commission when a deal is completed.
Related Terms
What is a Purchase Order (PO)?
A Purchase Order is a legally binding commercial document a buyer issues to a supplier confirming the agreed product, quantity, price, delivery date, and payment terms.
What is a Pro Forma Invoice?
A preliminary invoice sent before goods are dispatched. It confirms price, quantity, and terms — used to get buyer approval and arrange advance payment or LC.
What is Escrow Payment (Protected Payment)?
An escrow holds the buyer's payment with a neutral third party until the supplier delivers as agreed — eliminating advance payment fraud in B2B trade. VyaparSethu calls this "Protected Payment".
Put this knowledge to work
Post a Requirement — verified suppliers quote with proper GST invoices, HSN codes, and Protected Payment on every deal.