Bangalore-based online business-to-business (B2B) marketplace, Shotang, has raised about $5 Mn (INR 33 Cr.) in a funding round led by Exfinity Venture Partners and Unitus Impact.
The raised capital will be used in building a technology team and strengthening its operations.
Founded in May 2013 by Anter Virk and Anish Basu Roy, Shotang, is an on-cloud marketplace for retailers, distributors and manufacturers to discover, transact and manage their business online through an app-based platform.
“Our primary categories are mobiles and apparel. We work on commissions paid by distributors per transaction. We treat retailers as our customer base, and currently have 3,000 of them transacting every week,” said, Anish Basu Roy, co-founder & chief enabling officer at Shotang. In future, the company will further introduce 10 to 15 categories and provide data insights to manufacturers and suppliers for their stocking requirements.
The startup runs its own supply-chain and delivery boys who deliver orders to retailers once transaction is completed.
How It Works:
Speaking on the development, Shailesh Ghorpade, managing partner & CIO of Exfinity Venture Partners said, “Distributors face pressure from ecommerce companies and the unreliable nature of collectors and delivery partners deployed by them accentuates the risk. Shotang automates the process which has so far been reliant on the feet-on-street model.”
In 2014, Shotang had raised an undisclosed amount in seed round from Bitchemy Ventures.
Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.
