Venture capital and private equity firm SAIF partners has invested over $2 Mn in Industrybuying.com, which is a B2B online seller for industrial material. The funds raised are planned to be used for increasing traffic growth, expansion and accessibility of products and drive massive revenue growth.
Industrybuying.com, founded by Rahul Gupta and Swati Gupta, wants to be India’s largest one stop provider of industrial supplies, both online and offline. It hosts over 500+ brands, 1000+ suppliers and 1.5 lakh products online.
A few of its customers include Motherson Sumi, Havells, RPG, Honeywell, Siemens, Tata Power,Escorts and many more.
Rahul Gupta, co-founder said “Nobody in India was doing what Grainger.com and Amazonsupply.com have done in the US. We saw the gap and launched our ecommerce operations. Our vision is to be for Industry what Flipkart or Snapdeal are for the Consumer.”
Mukul Singhal, Principal, SAIF Partners on this investment said, “industrybuying.com represents a growing segment of emerging players who are using technology with a differentiated approach in the e-commerce sector. The amazing momentum the company is experiencing is encouraging and we believe our capital infusion can help them grow faster. The Industrial e-commerce model is proven in the US and Chinese markets. Industrybuying is poised to grow on the back of its better and transparent pricing, product comparison and breadth and the online model for pan India accessibility.”
Rahul founded the startup after completing his education at IIT Delhi and Columbia University. Before finding Industrybuying.com he had also worked as trader on Wall Street with Lehman Brothers. Whereas, Swati has done her education at DCE and Carnegie Mellon University, she is Ex-Bain and Co. with a total of 14 years of Management Consulting and Private Equity advisory experience in New York and India.