Wydr Will Use The Capital To Strengthen Its Seller Base And Set Up Pan-India Offices
Wydr, a mobile-based B2B marketplace, has raised an undisclosed amount in a fresh round of funding from its existing investors.
Wydr will use these funds to strengthen its seller base, set up pan-India offices and improve its product and technology stack to penetrate deeper in the Indian wholesale market.
Devesh Rai, founder and CEO of Wydr.in said, “With over 1.2 Mn downloads, our belief that there is a market need for a platform that allows manufacturers, wholesalers and retailers to connect and transact directly and safely has been validated. On the seller side, large manufacturers from key hubs across the country are already on the Wydr platform.”
Wydr was founded in March 2016 by Devesh Rai G (founding team member at ShopClues), Hitha Uchil, and Varun Guru. The company offers its marketplace to manufacturers, wholesalers, and retailers, across categories like fashion, home, automotive and electronics.
The company claims to have 10,000 manufacturers and distributors. It further claims that retailers in over 2,000 cities across India have used the platform to source products at wholesale prices in categories like fashion, home, automotive and electronics directly from manufacturing and trading hubs in Surat, Jaipur, Agra and New Delhi.
Devesh further added, “We have been able to solve several key problems of wholesale trade. Retailers no longer have to worry about logistics, price competitiveness, variety and travelling to multiple cities to procure products.”
On the Wydr platform, sellers can customise their requirements, negotiate prices and instantly close deals. Buyers can also claim Input Tax Credit under the GST. Furthermore, the platform allows purchases in various size and colour assortments, slab-based pricing and other features.
Prior to that, in February 2016, the company raised Seed funding from Jungle Ventures, Bessemer Venture Partners and Stellaris Venture Partners. Originally in October 2015, ShopClues co-founder Sandeep Aggarwal invested an undisclosed amount in Wydr.
The company expects to close FY18 with a Gross Merchandise Value (GMV) of $77.8 Mn (INR 500 Cr).
In the huge ecommerce market, there are very few ventures offering wholesale marketplace solutions. The company claims that India is a $600 Bn retail market, out of which $400 Bn is the unorganised, fragmented wholesale market.
With this USP of Wydr, it remains to be seen how the company will utilise the latest round of funding to accelerate growth and expand its customer base.