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IndiaMART will use the funds for growth, including its e-commerce platform for business goods and supplies Tolexo

IndiaMART, a leading online B2B marketplace connecting buyers with suppliers, has secured an undisclosed sum in Series C round of funding, led by Amadeus Capital.

Westbridge Capital, Accion Frontier Inclusion Fund (managed by Quona Capital), and existing investor Intel Capital also co-invested.

IndiaMART will use the funds for growth, including its e-commerce platform for business goods and supplies Tolexo.

“We understand that there lies a huge untapped opportunity with Indian MSMEs as well as big corporate buyers who consolidate their forces through IndiaMART. While businesses have been followers in adopting Internet, more so in India, globally B2B is a much larger opportunity. The Indian B2B sector itself is set to grow by 2.5 times and touch US$700 billion by 2020. Given the socio-political and environmental forces in the country, we foresee larger strides being taken by MSMEs in the coming years,” said Dinesh Agarwal, Founder and CEO, IndiaMART.

Started in 1996, IndiaMART focuses on providing a platform for buyers, who can be SMEs, large enterprises as well as individuals. Buyers typically gain access to a wider marketplace, diverse portfolios of quality products to choose from, and tap a one-stop-shop which caters to all their specific requirements.

The company offers a platform and tools to over 24 million buyers to search from over 30 million products and get connected with over 2.1 million suppliers. IndiaMART claims it receives over 63 per cent of traffic on its mobile app across Android, iOS, Windows, and BlackBerry platforms.

The company has over 3,000 employees located across nearly 60 offices in the country.

Image Credit: Shutterstock

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