Online marketplace for industrial goods, owned and operated by Delhi based MTech Engineering Pvt Ltd, industrybuying.com has raised an amount of $9 million (Rs.60 crore) in Series B round of funding from Kalaari Capital, Teruhide Sato’s Beenext and its existing investor SAIF Partners.
Raised amount will be used to build on its eCommerce platform, establish a nationwide sales force, increase its vendor base and develop a full suite of digital offerings for B2B brands, as reported by TechCircle.
As per the deal, Sumit Jain of Kalaari Capital will join company’s board. Vani Kola, managing director, Kalaari Capital talking about the funding said, “We are excited about B2B e-commerce in India. We have watched Industrybuying.com take the lead in this space and are glad to become a part of its growth journey. We hope to leverage our learnings from B2C e-commerce and apply them to this wave of disruption in the B2B space.”
The company was founded by Rahul Gupta and Swati Gupta in 2013. In February 2015, the company had raised an amount of $2 million in seed funding from venture capital firm SAIF Partners.
The company works on a zero inventory model. It sources products from vendors and ships to customers who order through the website. It claims to have an online catalogue of over 250,000 products that are used in manufacturing, construction, maintenance, services and commercial operations. Companies in the sector such as FMCG, hospitality, manufacturing, construction, automotive, pharmaceuticals, services and others are its clients. Some of its competitors are Bizongo and Tolexo.