IndiaMART raises Rs 150 cr for business expansion

Ecommerce player IndiaMART has raised an estimated Rs 150 crore in a new round of financing led by Amadeus Capital Partners to scale up its business. This is first investment in an Indian company by Amadeus which invests in technology and has a near 20-year track record in sectors such as communications, medical technology and infrastructure software. The round also saw participation from Westbridge Capital, and Accion Frontier Inclusion Fund and was managed by Quona Capital in addition to Intel Capital, the existing investor.

According to sources, the company has raised about Rs 150 crore in this round. The Indian B2B sector itself is set to grow by 2.5 times and touch USD 700 billion by 2020, IndiaMART Founder and CEO Dinesh Agarwal said in a statement. "Given the socio-political and environmental forces in the country we foresee larger strides being taken by MSMEs in the coming years," he said.

"The company will use the funds raised to further strengthen its leadership position in the B2B segment by scaling up Indiamart.com along with Tolexo.com and ultimately assist more of India's entrepreneurs to launch businesses, restock their shelves, and connect with more business opportunities," IndiaMART said.