Indian B2B marketplace IndiaMART has invested INR 13.35 Cr (~$1.79 Mn) in EasyEcom through its wholly-owned subsidiary Tradezeal Online to acquire a 26.01% stake.
Edgewise Technologies or EasyEcom is a startup that offers omnichannel inventory and warehousing management SaaS solutions to merchants. These solutions allow merchants to allocate, track and reconcile inventory across various online and offline channels.
The platform also offers additional modules that automate other back-office functions including shipping-related payments and returns reconciliation. The startup will deploy the funds towards strengthening its technology, marketing, and expansion activities.
“This transaction is a part of IndiaMART’s ongoing efforts to make commerce easy for Indian merchants. Merchants across India have increasingly started to realise the importance of adopting various online sales channels, and the market in itself is large and fast-growing. EasyEcom’s solutions allow MSMEs to easily manage and sell products across various sales channels,” said Brijesh Kumar Agrawal, cofounder and director of IndiaMART.
The global market for inventory management software was valued at $1.22 Bn in 2020 and is projected to grow to $2.99 Bn by 2028, at a CAGR of 11.9% between 2021 and 2028.
“Covid-19 transformed the entire retail market and accelerated the digital transformation of commerce. We rapidly ramped up the team during the Covid lockdown and grew a massive 300% over the next 18 months. With this funding, we are looking forward to becoming the best in terms of providing flawless, advanced and at the same time flexible omnichannel inventory and warehouse management solutions,” said Punit Gupta, CEO of EasyEcom.
Last month, IndiaMART had invested INR 32.4 Cr ($4.32 Mn) to acquire a stake in Mynd Solutions, which operates M1xchange. M1xchange is an RBI-approved Trade Receivable Discounting System (TReDS).
TReDS is an institutional mechanism set up to facilitate the financing of trade receivables of MSMEs from corporate and other buyers, including government departments and public sector undertakings, through multiple financiers.