[Funding alert] Anar Business Community app raises undisclosed investment from Titan Capital
Business community platform Anar — which allows users to create profiles and build networks — on Friday said it has raised an undisclosed amount of funding from Titan Capital. The platform will use the funds to strengthen its core product offerings and enhance its technology platform.
Founded in February 2020 by IIM Lucknow alumni Nishank Jain and Sanjay Bhat, Anar claims that it has crossed over one lakh businesses registered on the platform.
The team of Anar Business Community App
Businesses are using the app to connect and share information across India. It helps small and medium business communities to build their network online, also serving as a knowledge hub, the startup said in a statement.
Speaking on the funding received, Nishank Jain, Co-founder and CEO, Anar, said, "With Anar — their networks are now spreading all across India. This new-found discovery and knowledge will help them innovate in ways never imagined before.”
According to the founding team of Anar, small businesses were constrained to their particular area and often found it challenging to build a larger network. In fact, this also limited their access to newer products, markets, and most importantly, knowledge, thereby reducing the ability to innovate.
Anar aims to create a network that will include the entire ecosystem players, including buyers, sellers, suppliers, etc., which is expected to help the business community, especially the SMBs, to enlarge the scope of opportunity.
Bipin Shah, Partner at Titan Capital, said, "We are happy to partner with a unique platform like Anar. This amazing initiative from the young and talented team has a vast potential to revolutionise India's small and medium businesses."
SMBs in India has emerged as a strong business potential for several startups as the sector has not been fully exposed to technology.
At the same time, SMBs are also keen to adapt themselves to the digital change as this would mean newer business opportunities.