SAIF Partners, has today announced that it is investing $2 million in industrybuying.com, a one-of-its-kind e-commerce platform which sells industry equipments from over 500 brands. The fund will be used to continue traffic growth, expand product coverage and drive massive revenue growth.
Industrybuying.com is one of India’s largest platform for industrial e-commerce. It was founded by Rahul and Swati in with an aim to become India’s largest one stop provider of industrial supplies, online and offline. It hosts over 500+ brands, 1000+ suppliers and 1.5 lakh products online with customers like Motherson Sumi, Havells, RPG, Honeywell, Siemens, Tata Power,Escorts and many more.
The company will use the raised funds to grow its direct traffic, vendor and item breadth, and drive key enablers of technology & operations. It is also planning to build custom e-commerce products.
Mukul Singhal, Principal, SAIF Partners commented,
industrybuying.com represents a growing segment of emerging players who are using technology with a differentiated approach in the e-commerce sector. The amazing momentum the company is experiencing is encouraging and we believe our capital infusion can help them grow faster. The Industrial e-commerce model is proven in the US and Chinese markets. Industrybuying is poised to grow on the back of its better and transparent pricing, product comparison and breadth and the online model for pan India accessibility.”
Swati, Co-founder, Industrybuying.com, said in a statement,
The addressable market is huge; Industrial sector forms 28% of GDP vs Retail at 14% GDP. The Industrial ecommerce market in India is nascent and is set for explosive growth in the years to come.”
Rahul, Co-founder of the company commented,
Nobody in India was doing what Grainger.com and Amazonsupply.com have done in the US. We saw the gap and launched our ecommerce operations. Our vision is to be for Industry what Flipkart or Snapdeal are for the Consumer.