Y-combinator backed Bulk MRO has raised ₹25 crore as a part of its new debt funding round, led by venture debt provider Stride Ventures.
Bulk MRO is a technology platform that provides for the supply chain procurement needs of its customers and suppliers globally.
“Bulk MRO is growing exponentially in a market where the goal posts are constantly shifting. We need a partner that can adapt to the constantly changing landscape and provide financial solutions that will help us service our customers better. Stride Ventures is a very nimble partner that brings to the table a tremendous network,” said Gaurang Shah, co-founder, Bulk MRO.
The five-year old startup has aggregated more than 5,000 brands and 1.5 million products on its platform, and also runs a fintech platform, Bulk Udhaar, which offers supply chain financing solutions to its customers and suppliers.
The startup’s clients include large corporate customers that procure MRO (maintenance, repair, and operations) products in high volume. Apart from India, the company also has a presence in the United States and caters to various Fortune 500 companies, government agencies and healthcare networks.
“Even in tumultuous times, Bulk MRO has done a phenomenal job by not only swiftly acting and adapting to the situation at hand, but also by contributing towards fighting the pandemic. The company addresses a simple yet rampant problem faced by businesses in India and they’re tapping into a huge opportunity,” said Ishpreet Gandhi, managing partner, Stride Ventures.
During the covid-19 crisis, the B2B marketplace also started to provide a range of medical products including masks, gowns, hazmat suits, gloves, sanitizers and various medical equipment.
Apart from Y-Combinator, Bulk MRO’s investors also include Bain Capital, Ace & Company, Rebright Partners, FJ Labs.
Apart from Bulk MRO, there is also Moglix which is a B2B online commerce platform, providing industrial tools and equipment, and also focuses on categories including MRO, safety, electrical and lighting, amongst other industrial essentials.
There is also IndiaMART which operates in this space and went public, last year.
Indian startups have been raising venture debt as a route to finance their operational expenditure requirements, as they looked to extend runways during the covid-19 crisis.
The article was first published on livemint.com