India: Bulk MRO raises debt funding led by Stride Ventures

Photo: Reuters

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

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.