Founded in May 2013 by Anter Virk and Anish Basu Roy, Shotang, an online business-to-business ( B2B) marketplace, has raised around $5 million (Rs. 33 crore) in a funding round led by Exfinity Venture Partners and Unitus Impact.
The raised funding will be used in building a technology team and strengthening its operations. In 2014, the company had raised an undisclosed amount in seed round from Bitchemy Ventures. Shotang is an on-cloud marketplace to connect retailers, distributors and manufacturers through an app-based platform to fulfill their sourcing requirements. Bangalore-based company has over 50,000 resellers and 130 companies on its network, across India.
It enables retailers to use the power of internet to place orders and make payments to all their sellers on a single platform. The startup runs its own supply-chain and delivery boys on bikes who deliver the orders to retailers once the transaction is completed.
“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.