SINE-Incubated Omnikart, a B2B megastore that provides end to end solution for all sort of industrial supplies, has raised $100k in seed funding from angel investors. The investors include Sumit Gandhi and Manish Gandhi, who are also the promoters of ABEC LTD.
The funding will be utilised to fuel expansion plans and product distribution supply chain. Also, the company will now be shifting from SINE to their new office in Powai.
On company’s future plans, Mandar Zope, Co-Founder of Ominkart said, “With our current expansion rate and resource requirement, our plan is to raise $2 Mn for Series A funding in next 6 months to expand our reach to key manufacturing hubs across India and to incorporate a functionality to simplify industrial purchases and payment approvals.”
The company has already processed 1,000 orders and holds an average ticket size of INR 3,000. Presently, they are operating only in Powai and Ghatkopar areas of Mumbai with plans to expand their reach by setting up satellite distribution centers all across Mumbai.
Mumbai-based, Omnikart is an e-commerce platform providing an end to end solution for all sort of industrial supplies needs. The company was founded by Faisal Ansari and Mandar Zope in 2014.
“B2B and B2C industrial supplies market is still untouched in India, while supplier market is highly fragmented and also lacks transparency and competitiveness. Omnikart’s vision is to create an ecommerce ecosystem which will simplify the process of industrial purchase which in-turn, will contribute towards “Make in India” campaign by optimizing industrial purchases.” said Faisal Ansari, Co-Founder of Omnikart.
Company manages the entire process of procurement and delivery on behalf of their customers.It also employ technical experts who assist the customers in choosing the right product for their engineering requirements.
Commenting on the investment, Angel Investor Manish Gandhi said, “The biggest challenge in this highly fragmented market is the lack of one stop shop for all your needs. Buyers find it difficult to purchase these products due to the locations of the markets. With Omnikart, customers can buy with ease and confidence knowing that all products will be offered at an affordable price right to your doorstep.”
The market size is huge, rounding up to around $500Mn. Company identifies Indiamart and Alibaba as their prime competitors.
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