Bidso Bags Funding From PeerCapital To Help Manufacturers Source Products

SUMMARY

Bidso raised a cumulative funding of $1.5 Mn as part of its pre-seed and seed round

While PeerCapital invested $1.2 Mn in the seed round, the pre-seed round saw participation from DeVC and angel investors like The Mom's Co’s Mohit Sadaani

Bidso offers a full-stack solution to help manufacturers find suppliers and source products from them

Bidso, a B2B sourcing platform for manufacturers, on Tuesday (August 8) said it has raised a cumulative funding of $1.5 Mn as part of its pre-seed and seed round.

While PeerCapital invested $1.2 Mn in the seed round, the pre-seed round saw participation from DeVC and angel investors like The Mom’s Co’s Mohit Sadaani, Partner- RTP Global’s Nishit Garg, and Livspace’s Saurabh Jain.

In a statement, Bidso said it will use the funds to expand its presence, enhance its curated network of manufacturers, and build a technology stack, including a quality adherence module for manufacturers and a product configuration engine for buyers.

Founded in 2023 by Rahul Agarwal, Ashwin Jain, Aditya Krishnakumar and Vivek Singhal, Bidso offers a full-stack solution for brand sourcing, from product discovery to supplier discovery to value discovery and fulfilment. In simple words, the platform enables manufacturers to find suppliers and source products from them.

Bidso currently has suppliers of products for fitness, sanitaryware, toys, kitchen accessories and home improvement on its platform. The startup claims it is working to add new products on the platform.

Commenting on the fundraise, cofounder Singhal said, “With the funds raised, we aim to double down our efforts and serve at least 100 brands by enabling sourcing for a minimum of 50 different product categories in the next six months.”

The startup said it also aims to contribute towards the Indian government’s Make in India initiative by connecting businesses with the local vendors. The startup claimed that its platform will curate only the best manufacturing partners into the network to improve transparency and operational efficiency across the supply chain.

The funding comes at a time when the Indian startup ecosystem is reeling under the effects of the funding winter. The funding raised by Indian startups declined 66% year-on-year to $5.4 Bn in H1 2023 as against $6 Bn in the corresponding period of 2022, as per Inc42’s Indian Tech Startup Funding Report H1 2023.