Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Delhi-based B2B online marketplace for industrial material, Industrybuying.com, has raised an undisclosed amount of funding from Murugappa and TVS Families. The investment is part of the Series B round which the company had raised in September this year.
Industrybuying had raised $9 Mn (INR 60 Cr.) in its Series B round of funding from Kalaari Capital and its existing investor SAIF Partners. Prior to that, it had raised $2 Mn from SAIF Partners.
The current round saw participation of Vellayan Subbiah, MD Chola Finance, Muthu Murugappan, Business Head Nutraceuticals – EID Parry, Arun Venkatachalam, Angel Investor; and Arathi Krishna, JMD Sundram Fasteners from TVS group.
Founded in 2013 by siblings Rahul Gupta and Swati Gupta in 2013, Industrybuying.com, is an online marketplace for selling industrial products to SMEs as well as large businesses. The company has over 15,000 registered SMEs shopping from the portal which boasts of a deep, wide, comprehensive product catalogue, quality assurance and best available prices.
Besides, the company is also a regular supplier to various large businesses who benefit from their ability to provide a wide spread of industrial products in various categories under one roof. It has an online catalogue of over 250K+ products available to buy online, used in manufacturing, construction, maintenance, services and commercial operations.
It serves to sectors such as FMCG, hospitality, manufacturing, construction companies, many large and small auto ancillaries, pharma manufacturers, services and hospitality companies, maintenance companies.
The raised capital will be used for development of the platform, increase its nationwide sales force and vendor base as well as develop a full suite of digital offerings for B2B brands.
Speaking on the development, Swati Gupta, co-founder at Industrybuying stated, “Our focus is to build a scaled and profitable business. We are relentlessly working towards creating a robust technology back-end and a large ecosystem of vendors to help eliminate the pain-points of buyers.”
Other players operating in this segment include Tolexo, BazarA2Z, Alliedhunt, Bizongo and more.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.