[Funding alert] B2B marketplace Bijnis raises $10M in Series A from Sequoia, Matrix Partners India
Technology-based platform Bijnis (formerly known as ShoeKonnect) announced today that it has raised $10 million in a Series A round of investment co-led by Matrix Partners India and Sequoia Capital India, along with existing investors InfoEdge and Waterbridge Ventures.
With the latest round of funding, Bijnis will continue to help manufacturers grow their business by expanding their distribution network of retailers across India. Additionally, this infusion of capital will be used to build more products and scalable technologies focused on manufacturers in the footwear and fashion categories.
Speaking on securing the new investment, Siddharth Vij, CEO and Co-founder of Bijnis, said,
"Traditional B2B supply chains are still largely unorganised and fragmented. There lies an immense opportunity in building a digital ecosystem around the same. Building the model for one category over the last three years has helped us understand the problems that lie at the core of unorganised supply chains. We believe we are on the right track and positioned to expand and revolutionise the traditional B2B ecosystem around the fashion and lifestyle categories.”
Founded in 2015 by Siddharth Vij, Chaitanya Rathi, Siddharth Rastogi, and Shubham Agarwal, the company focuses on facilitating a digital transaction layer between manufacturers and retailers in the largely unorganised categories of footwear, fashion, and accessories.
Bijnis currently enables 400+ manufacturers to serve 60,000+ retailers across 700 districts in India.
“The industry is at the brink of massive transformation thanks to rapid digitisation across various layers in these supply chains. Bijnis is leveraging these trends to build the next-gen product for small manufacturers that are the backbone of these supply chains in India," said Shraeyansh Thakur, Vice President at Sequoia Capital India LLP.
"Bijnis is playing a unique role in redefining this supply chain for apparel starting with the footwear category. We believe in their manufacturer-first approach, driving tech adoption and efficiency for all players in the value chain. We’re excited to be on this journey with the founders and our co-investors”, said Vikram Vaidyanathan, MD, Matrix India.
Recently, in June, Matrix Partners India also invested $5 million in a Series A funding round in plant-based nutrition startup OZiva.
Edited by Kanishk Singh