Omnikart, an online engineering B2B megastore startup which provides solution for industrial and engineering supply needs, has raised a $100,000 seed funding round from Sumit Gandhi and Manish Gandhi, promoters of ABEC Ltd.
The funding raised in this round will be utilized by the company to expand its business and product distribution supply chain. Looking at the expansion rate, the company is planning to raise Series-A funding within 6 months to match the resource requirement.
Founded in 2014 by Faisal Ansari and Mandar Zope, Omnikart is an e-commerce platform which provides end to end solution for all sort of industrial supplies needs. It has over over 10,000 products listed on its portal and aspires to organize the industrial supply scape in India.
The company’s operations are currently limited to Powai and Ghatkopar area in Mumbai. However, it claims to have good amount traction as the customers are purchasing large ticket size transactions.
So far, its website has already processed more than 1,000 orders successfully. By setting up satellite distribution centers across Mumbai, it is looking to increase its operation area to cover entire Mumbai city. Satellite distribution model specifically, apart from being less capital intensive, could be hugely benefiial in over-crowded Indian metros like Mumbai, Delhi and others.
Faisal Ansari, co-founder of Omnikart, says,
B2B and B2C industrial supplies market is still untouched in India, while supplier market is highly fragmented and also lacks transparency and competitiveness. Omnikart’s vision is to create an ecommerce ecosystem which will simplify the process of industrial purchase which in-turn, will contribute towards “Make in India” campaign by optimizing industrial purchases.
Manish Gandhi, one of the angel investor, said,
It is our privilege to be associated with Faisal and Mandar, the co-founders of Omnikart. With a trusted brand like Omnikart, customers can buy with ease and confidence knowing that all products will be offered at an affordable price right to your door step.
As mentioned by Faisal himself, Omnikart is looking at a $2 Million Series A round within six months, to further fuel expansion.