SAIF Partners invests $2M in B2B e-commerce platform industrybuying
Industrial ecommerce platform Industrybuying has raised $2 million from SAIF Partners. The funding will be utilised to continue traffic growth, expand product coverage and drive massive revenue growth. The company also intends to build custom e-commerce products to bring corporate buying online.
Industrybuying.com is the first mover in industrial products for the ecommerce sector and is bringing the benefits of e-commerce to industrial customers. It is rapidly scaling up on the back of its validated online economics and proprietary flexible technology platform. At present, hosts over 500 plus brands, 1000 plus suppliers and 1.5 lakh products online.
The company’s omni-channel presence includes online ecommerce and offline corporate customers like Motherson Sumi, Havells, RPG, Honeywell, Siemens, Tata Power, Escorts among others.
Mukul Singhal, Principal, SAIF Partners commented, “industrybuying.com represents a growing segment of emerging players who are using technology with a differentiated approach in the e-commerce sector. The amazing momentum the company is experiencing is encouraging and we believe our capital infusion can help them grow faster. The Industrial e-commerce model is proven in the US and Chinese markets. Industrybuying is poised to grow on the back of its better and transparent pricing, product comparison and breadth and the online model for pan India accessibility.”
Founded by Rahul and Swati Gupta industrybuying sees a huge opportunity in Industrial sector as it contributes 28% of GDP vs Retail at 14% GDP. The Industrial ecommerce market in India is nascent and is set for explosive growth in the years to come.
Speaking about industrybuying’s potential, Rahul, said, "Nobody in India was doing what Grainger.com and Amazonsupply.com have done in the US. We saw the gap and launched our ecommerce operations. Our vision is to be for Industry what Flipkart or Snapdeal are for the Consumer."
Graduated from IIT-D and Columbia University Rahul has 12 years of total experience as trader on Wall Street with Lehman Brothers while DCE alumnus Swati has over 14 years of management consulting and Private Equity advisory experience in New York and India.