[Funding alert] B2B startup bijnis raises secondary funds from marquee investors Deepinder Goyal, Asish Mohapatra, others
B2B startup Smile Group), who purchased shares from the startup's existing investors.on Thursday said it has concluded an undisclosed secondary funding round led by the likes of Deepinder Goyal (Co-founder, ); Asish Mohapatra (Founder, Offbusiness); Sarbvir Singh (CEO, ); and Manish Vij (Co-founder,
This secondary transaction follows a $10 million primary round bijnis raised in July 2020, led by investors, including Sequoia Capital India, Matrix Partners India, Infoedge, and WaterBridge Ventures.
Speaking on the development, Siddharth Vij, Chief Executive Officer and Co-founder of bijnis, said, "We welcome new investors on board. We are glad to have industry stalwarts like Deepinder, Asish, Sarbvir, and Manish by our side, who have already built impactful businesses from scratch. There is so much to learn from them. We hope we leverage their experience and create a bigger impact in the unorganised manufacturing industry.”
With this funding round, Bijnis will help manufacturers grow their business and expand their distribution network. The primary funding was used to build more products and scalable tech in footwear and fashion manufacturer categories, the co-founder had said.
Founded in 2015 by Siddharth Vij, Chaitanya Rathi, Siddharth Rastogi, and Shubham Agarwal, the New Delhi startup focusses on facilitating a digital transaction layer between manufacturers and retailers in the largely unorganised categories of footwear, fashion, and accessories.
At present, bijnis enables enables more than 1500 manufacturers to serve over 80,000 retailers across 710 districts in India.
The startup said it aims to take Indian factories to the world by digitising and building a globally integrated network of manufacturers on a single platform. Its mobile app, bijnis Factory App, helps small, medium, and large manufacturers create a digital factory profile.
It helps them by expanding their businesses, giving them direct access to the retailers, and enabling them to build a distribution chain of their own.