Industrybuying.com, an online business to business marketplace for enterprise, has raised Rs. 60 crore in Series B round of funding, led by Kalaari Capital, SAIF Partners with participation of Singapore-based Beenextan.
With the money raised in this round of funding, the company now plans to establish more ‘fulfilment centres’ or warehouses for processing orders for its vendors.
Founded in 2013 by Swati Gupta and Rahul Gupta, the Delhi-based startup’s vision is to be India’s largest one stop provider of industrial supplies online and offline. In February 2015, the company raised $2 million in funding from SAIF Partners.
India’s industrial supplies market is hugely fragmented. Most enterprises and SMBs still rely on numerous show owners and traders, each offering their own price and quality of product for even the most crucial office supplies.
However, a lot of startups have come up in this space, backed by substantial funding, in a bid to bring uniformity to this crucial industry segment — the same way e-commerce helped us gain knowledge over a more regularised product pricing.
While providing transparent prices, Industrybuying says it has the widest product selection, India wide services and 100% genuine quality. The platform currently lists over 50,000 products spanning across various enterprise and industry related categories.
There are currently about 1,500 to 2,000 suppliers registered on the platform and the company plans to sign on 10,000 more suppliers by the end of the current financial year.
It’s corporate customers base includes Motherson Sumi, Havells, RPG, Honeywell, Siemens, Tata Power, Escorts among others. The Industrial ecommerce market in India is currently nascent but is set for explosive growth in the years to come.