Shotang, an online business-to-business marketplace with a vivid product range from multiple brands, has raised Rs. 33 crore in a fresh funding round, which was led by Exfinity Venture Partners, along with the participation of Unitus Impact.
This freshly infused fund will be used in building up its team for technology and operations, as per Anterpreet Singh, Co-founder of the company.
Shotang, founded by Anish Basu Roy and Anterpreet Singh, is an on-cloud marketplace which aims to revolutionize the order fulfillment processes in traditional distribution channels through technology and aggregation of resellers & consumer brands.
Last year, it had raised an undisclosed amount of funding in a seed round. The company, which is based in Bangalore, is claiming to be helping more than 50,000 resellers and 130 companies on its network to grow their business across the nation.
The platform currently hosts thousands of products across 8 categories, including telecom, apparels, home appliances, travel gear, automobiles, and stationary among others.
The company is adding new products and categories. It will introduce 10 to 15 new categories and will also provide data insights to manufacturers and suppliers for their stocking requirements.
It is claiming to be facilitating around 3,000 transactions on its portal on a daily basis. It runs its own supply-chain and delivery boys on bikes who deliver the orders to retailers once the transaction is completed.
Anish Basu Roy, co-founder and chief enabling officer at Shotang, said,
Our primary categories are mobiles and apparel we work on commissions paid by distributors per transaction. We treat retailers as our customer base and currently have 3,000 of them transacting every week.
Commenting about the funding, Shailesh Ghorpade, managing partner and CIO of Exfinity Venture Partners, said,
Distributors face pressure from e-commerce companies and the unreliable nature of collectors and delivery partners deployed by them accentuates the risk. Shotang automates the process which has so far been reliant on the feet-on-street model.
