YourStory Tech30 startup Mobisy raises $3.5 M from SIDBI, others
Bangalore-based Mobisy technologies, one among YourStory’s Tech 30 startups of 2015, has announced raising $3.5 million (Rs 24 crore) in its second round of funding. This round was led by SIDBI Venture Capital Limited (SVCL), while existing investor Ojas Partners, Triton Investment Advisors and some angels also participated.
Founded in 2007, the SaaS firm which focuses on consumer companies launched Bizom - a mobile first platform to provide real-time insights into distribution – in 2012. They raised Rs 1.5 crore in 2013, and Rs 2.5 crore last year from angels.
Aiming to solve the sales and distribution problems of FMCG companies, Mobisy also launched Distiman, a mobile app through which retailers can order stock directly from brands and receive delivery within 24 hours, in 2016.
Today, the company claims that it caters to over one third of all retail stores in the country.With more than 130,000 users, Mobisy gets more than five million daily transactions.
According to a press release, the latest addition of Rs 24 crore will be used for the company’s expansion as well as research and development. Lalit Bhise, co-founder and CEO of Mobisy, said in the release, “We are honoured and thrilled to join hands with SVCL, one of India’s oldest and most respected growth partners for SMEs. We look forward to leveraging their industry experience to penetrate deeper into our market and solve sales and distribution problems for consumer goods companies and their partners in India and abroad.”
Ranked 43 in the inaugural FT 1000 High-Growth Companies Asia-Pacific list, Mobisy serves more than 250 companies including Parle Agro, Jyothy Laboratories, and Unibic.
India has a lot of small distributors who are not even in the radar of the bigger enterprise technology companies like Salesforce or SAP, since it will be too expensive for both. The press statement quotes Sajit Kumar from SVCL,
“We believe that Mobisy’s real-time insight-driven solutions for our country’s consumer goods retail ecosystem have the potential to streamline what is currently a very high-touch, inefficient system. This can mean better results for everyone in the ecosystem, from brands to distributors to retailers. We were particularly impressed by the team’s passion to create products that bring the benefits of digitization to people who may otherwise have remained on the margins of Digital India – small kirana store owners, distributors and small & medium consumer goods brands.”
Dev Raman from Triton Investment Advisors, is impressed by the company’s data driven approach to the sales and distribution process across industries. “The spread in the use of Bizom and Distiman, in our opinion, will significantly change the way brands interact with their marketplace,” he says.