Business-to-Business (B2B) startup Bijnis announced that it has raised $30 million in Series B funding led by Westbridge Capital on September 28,2021. The round also saw participation from existing investors InfoEdge, Matrix Partners India, Sequoia Capital India, and Waterbridge Ventures.
A marketplace for the unorganized retail segment, the company will use the fresh funds to expand the base of manufacturers on its platform from the current 5,000 for generating demand by expanding the retailer base, product development and expanding the team.
The startup connects manufacturers directly with retailers
Bijnis founded in 2015 by Siddharth Vij, Chaitanya Rathi, Siddharth Rastogi, and Shubham Agarwal was bootstrapped for nearly two years before raking INR 95 lakh as its maiden funding of 2016 from Indian Angel Network.
The digital platform connects unorganized manufacturers directly to retailers and assists factories build their own distribution channels without middlemen. At present, Bijnis says it is actively making efforts to help manufacturers from the fashion and lifestyle categories.
Make in India initiative worked as catalyst
B2B enterprises and wholesale distributor networks in India such as Bijnis and IndiaMART have witnessed a steep rise in investment from local manufacturers and investors.
While Bijni’s is yet to file its annual financial statement for the last two years, the company’s operating revenues increased 6.2 times from INR 37 lakhs in FY18 to INR 2.3 crore in FY19. It earned 56.5 percent of its revenues through logistic fees and the rest through commission on sales on the platform.
The push comes following the government’s Make in India initiative which encourages local MSMEs to increase production. The scheme also incentivizes investments directed towards the manufacturing and whole distribution sectors.
