Delhi-based online listing platform for small and medium businesses, IndiaMART, has raised an undisclosed amount in Series C round of funding led by Bhavani Rana on behalf of Amadeus Capital. The round also saw participation from Westbridge Capital, the Accion Frontier Inclusion Fund, managed by Quona Capital, and existing investor Intel Capital.
The company will use the raised capital to scale up its new online marketplace for businesses Tolexo.com and finance small & medium enterprises. Besides, it is also looking to expand its operations to cater to the sourcing and selling requirements of larger organisations.
In line with its mobile first strategy, IndiaMART’s platform receives over 63% of traffic on mobile and its app which is available on Android, iOS, Windows and BlackBerry platforms.
Dinesh Agarwal, founder and CEO at IndiaMART said, “We understand that there lies a huge untapped opportunity with Indian MSMEs as well as big corporate buyers who consolidate their forces through IndiaMART. While businesses have been followers in adopting Internet, more so in India, globally, B2B is a much larger opportunity. The Indian B2B sector itself is set to grow by 2.5 times and touch $700 Bn by 2020. Given the socio-political and environmental forces in the country we foresee larger strides being taken by MSMEs in the coming years. We are elated that we share the same synergies with our new investors.”
IndiaMART started out as an online directory for businesses in India, and is backed by Intel Capital with Bennett and Coleman & Co. Ltd as one of its investors. In 2014, the company had launched Tolexo.com, an ecommerce platform for business goods and supplies.
Tolexo is already offering about 1 Mn products across categories including safety, fasteners, hand tools, power tools and others. It has over 7,000 sellers on its platform.
IndiaMART was founded in 1996 by Dinesh Agarwal and Brijesh Agrawal. It offers a platform and tools to over 24 Mn buyers to search from over 30 Mn products and get connected with over 2.1 Mn reliable and competitive suppliers. It currently has over 3000 employees located across 55 plus offices in the country.
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