Bengaluru-based Mobisy, a SaaS-based distribution technology solutions provider is raising INR 11.4 Cr from B2B ecommerce platform IndiaMART and Triton Alternative Investment Trust.
According to the ministry of corporate affairs (MCA) filings accessed by Inc42, Mobisy’s board, on May 15, approved the issue of equity and preference shares to IndiaMART and Triton.
In this deal, Mobisy is issuing 100 equity shares to IndiaMART at INR 100 per share, totalling to INR 77K. Additionally, Mobisy is offering 1,28,593 preference shares to IndiaMART for INR 10 Cr at a price per share of INR 778.
Meanwhile, Triton is investing INR 1.4 Cr through Triton Alternative Investment Trust and will get 18,018 preference shares. Prior to this, Mobisy closed its second round of venture capital funding of $3.5 Mn led by SIDBI Venture Capital Limited (SVCL) in May 2018.
Founded in 2007 by Lalit Bhise, Mobisy is the maker of Bizom, a SaaS-based suite of automation solutions tailor made for consumer companies. The platform delivers real-time insights for driving greater distribution efficiency that helps organisations to grow.
Bizom, which was developed by Mobisy in 2012, offers solutions broadly including sales force automation (SFA), a partner relationship management application distributor management system (DMS), retail execution, merchandising and van sales automation.
Mobisy claims to have integrated its solutions with technologies such as artificial intelligence (AI) and machine learning (ML) to provide brands with the structure, visibility and insights they require to enable decision-making, as part of all the solution offerings.
According to the company’s website, more than 65K retail outlets are registered on Bizom. The company also claims to be catering to more than 500 enterprises including Casio, Pepsi, Shell, Emami, Unibic, Godrej, Borosil, India Gate, Park Avenue, Raymond, among others.
According to Datalabs by Inc42, India has around 8,633 SaaS startups. A report published by Google India and Accel Partners stated that the Indian SaaS industry will be valued at a staggering $50 billion by 2025.
In recent times, SaaS startups have witnessed massive growth in terms of new customers as well as revenues. Some of the notable SaaS startups in India include Zoho, Wigzo Technologies, Wingify, Chargebee, Anaek, among others.
Recently, contract management software as a service (SaaS) startup SirionLabs raised $44 Mn in Series C funding round led by Tiger Global and Avatar Growth Capital while Vernacular.ai has raised $5.1 Mn in Series A funding in May 2020.