The startup will use the funds to develop the platform, establish salesforce, increase vendor base and develop digital offerings for brands
Indian B2B e-commerce startup Industrybuying has announced that it has raised an undisclosed amount in funding from Murugappa Group and TVS Group — two leading family groups with diverse businesses interests.
The round also saw participation from Vellayan Subbiah, MD of Chola Finance; Muthu Murugappan, Business Head (Nutraceuticals) at EID Parry; angel investor Arun Venkatachalam; and Arathi Krishna, JMD of Sundram Fasteners (a TVS Group company).
The company will use the funds to develop the platform, establish a nationwide salesforce, increase vendor base and develop digital offerings for B2B brands.
“Our focus is to build a scaled and profitable business. We are relentlessly working towards creating a robust technology back-end and a large ecosystem of vendors to help eliminate the pain-points of buyers,” said Swati Gupta, Co-founder of Industrybuying.
Founded in 2013 by siblings Swati and Rahul Gupta, Industrybuying is an online marketplace selling industrial products to SMBs as well as large businesses. The portal has an online catalogue of over 250,000 products, used in manufacturing, construction, maintenance, services and commercial operations.
Industrybuying claims to have over 15,000 registered SMBs shopping from its portal. It counts among its customers leading FMCG, hospitality, manufacturing and construction companies, besides large and small auto ancillaries, pharma manufacturers, services and hospitality companies, and maintenance firms.
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