Mumbai-based cross border B2B exchange platform CBREX has raised angel funding from three individual investors, Gautam Sinha, co-founder of the company told DEALSTREETASIA. The deal was closed recently.
“CBREX has raised around $200,000 in its angel round of funding from Prahlad Rao, Sundara Rajan and Vikram Chachra and we have diluted around 10 per cent equity in the process, Sinha further said.
Rao, Rajan and Chachra have joined the board of CBREX as a part of the deal.
CBREX has a team of around 10 people presently including six in India and rest are part-time employees, one each from China, US and Middle-East.
Launched in May 2015, Expat Naukri Pvt Ltd was started by Sinha, Sanjeev Punwani and Karunjay Anand under the brand name CBREX. The company helps small business owners to communicate and transact with each-other in different part of the world.
“The funding is being used to build core team, enhance technology and expand into market, Sinha said.
Sinha, an entrepreneur, seed investor and mentor, has founded and funded several other companies. In 2001, he started TVA Infotech, an IT recruitment company, which was later acquired by Allegis Group Inc in 2008. One of the other company was My First Cheque, launched in early 2011.
An alumnus of XLRI Jamshedpur, Sinha started his career as a senior executive at Wipro and worked there for couple of years.
Punwani, a first generation entrepreneur, started his career in the USA as an analyst with Philips Lighting. He has also worked with the companies like TVA Allegis, Trinus Corporation, EBS, Deltafull Enterprise Solutions Pvt Ltd and others before co-founding this venture. He is an alumnus of Jamnabai Narsee Monjee School.
Anand, a computer science engineer from Jadavpur University, also started his professional journey with Wipro. After that, he founded a firm called mKay Technologies Pvt Ltd in 2011.
Launched in November 2015, the C Talk is an anonymous B2B and peer to peer communication & transaction platform. It enables the service supplier and the demand generator to transact send written documentation of the service needed on the platform without knowing each-other. The company is in process of getting patent for this unique concept.
According to the company, the platform also facilitates hiring of a candidate outside the home country of a company and vice-versa.
When the transaction is closed, the revenue earned (an average between $8-10k per transaction) is split into three-ways. Out of the total money, 50 per cent goes to the supplier while the demand recruiter gets 30 per cent and rest 20 percent goes to CBREX.
Currently, present in 53 countries, CBREX claims to have more than 250 verified members and is getting around three to four sign-ups every day from recruiting firms across the world. In the next three months, it aims to increase sign ups to 10-15 a day and cross 1000 verified members on the platform.
Talking about the expansion plans, Sinha added, “we will raise a proper or pre Series A in the next six months which will help us open an office in US and one of our co-founders will move there to run it. We will also expand our tech team in Bangalore and hire two to three full time employees outside India based in certain key geographies which fall in the high transaction global demand-supply corridor.”