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 $1.7 Mn (INR 12 Cr) from venture-debt provider Trifecta capital.
Nilesh Kothari, Co-Founder and Managing Partner at Trifecta Capital said, “Trifecta is excited to support Industrybuying as it gears up to exploit the huge opportunity in B2B eCommerce in India. We are attracted by size of the opportunity, the quality of the founders and the Venture Capital funds that have backed the company. Besides providing Venture Debt, we hope to be able to leverage our network of investors, including domestic institutions and industrial family offices to help the company scale faster.”
The newly invested funds will be deployed to finance the working capital and drive growth in the enterprise arm of the company. The ‘Enterprise arm’ of the company is an arrangement between Industrybuying and enterprises where special rates are negotiated for procurement of products. Enterprises get access to these special rates through the enterprise portal which is a tailored version of Industrybuying specifically created for that particular enterprise.
Prior to this, the company had raised an undisclosed amount from Murugappa and TVS Families, in December last year, as a part of the Series B round led by Kalaari and SAIF in September 2015.
Industrybuying was started by brother-sister duo, Rahul Gupta and Swati Gupta, in 2013. The company is a B2B platform to meet buying needs of small enterprises and offline businesses in hospitality, manufacturing and construction sectors. It competes with players like Tolexo, BazarA2Z, Alliedhunt, Bizongo and other niche B2B portals.
Walmart’s report revealed that the B2B ecommerce market opportunity in India is valued at $300 Bn, which is expected to reach $700 Bn by 2020.
The segment has witnessed entrance of Amazon that launched B2B portal Amazonbusiness.in and WalMart’s BestPriceWholesale.co.in. China-based Alibaba is also planning to enter the Indian market to cater the B2B segment.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.