India: B2B online marketplace Industrybuying.com secures $1.8m from Trifecta Capital

Photo: Reuters

Delhi-based Industrybuying, a B2B online marketplace for industrial products, has raised nearly $1.8 million (Rs 12 crore) from venture-debt firm Trifecta Capital, according to a statement.

Venture debt is an alternate form of finance often used by startups to extend runway, fund capex, optimize dilution or finance their working capital needs.

“The investment would be used to finance the working capital and also drive growth in the Enterprise arm of Industrybuying – an arrangement between Industrybuying and Enterprises where special rates are negotiated for procurement of products. Enterprises get access to these special rates through the Enterprise portal which is a tailored version of Industrybuying.com specifically created for that particular Enterprise,” said Swati Gupta, co-founder of Industrybuying.

Founded by siblings Rahul Gupta and Swati Gupta in 2013, Industrybuying.com is a leading online marketplace selling industrial products to SMEs as well as large businesses. It has an online catalogue of 300,000+ products available to buy online, used in manufacturing, construction, maintenance, services and commercial operations. The company has over 30,000 registered SMEs shopping from the portal.

“Trifecta is excited to support Industrybuying as it gears up to exploit the huge opportunity in B2B eCommerce in India. We are attracted by size of the opportunity, the quality of the founders and the Venture Capital funds that have backed the company. Besides providing Venture Debt, we hope to be able to leverage our network of investors, including domestic institutions and industrial family offices to help the company scale faster,” said Nilesh Kothari, co-founder and managing partner at Trifecta Capital.

The startup raised Rs 60 crore in series B round led by Kalaari Capital and existing investor Saif Capital in August 2015. Singapore based Beenext and private investors from family businesses TVS and Murugappa group have also invested in the firm.

Also Read: India: Industrybuying.com raises $9m from Kalaari Capital, others

TVS and Murugappa families bet on Industrybuying.com