Delhi-based B2B ecommerce supply portal MaxWholesale has raised $150K (INR 1 Cr) in a seed round of funding. The investment was led by investment bank Maple Capital Advisors, Abhinav Grover (director at Maple Accelerator), investors including Ridhish Talwar and investment bankers from New York.
With this, Abhinav Grover will join the board of MaxWholesale.
The raised funds will be primarily used to expand business and upgrade its technology platform. Additionally, it has also begun its recruitment process to expand its team size.
MaxWholesale was founded in April 2016 by Samarth Agrawal (IIT Delhi alumni and Columbia University) and Rohit Narang. Owned by 99 Algorithms Pvt. Ltd, the startup acts as a medium between retail store owners and large companies. Through this platform, sellers can buy inventory for their stores.
MaxWholesale is also in the process of creating fully automated supply chain platform for fulfillment of orders with next day delivery. It uses data science-based tools and real-time optimization algorithms that reduce distribution cost for companies and increase ROI for retail stores. It claims to have partnered with around 1,000 companies such as Patanjali, HUL and Cadbury among others.
Its app is available on PlayStore for Android users and iTunes for Apple iOS users.
The increase in the number of consumer-based products has increased the scope of such B2B (business-to-business) commerce platforms. As per reports, India’s B2B ecommerce industry will grow to $700 Bn by 2020. Other players in this segment include StockIn, BigBasket, and ZopNow.