Capital-based start-up venture industrybuying.com, which sells industrial goods to companies through e-commerce, plans to raise up to USD 15 million (about Rs 95 crore) in the second round of funding this year.
The company is looking for funds to finance to expansion of its network, back-end operations and have bases in places such as Mumbai, Pune, Bangalore, Chennai and Ahmedabad or Suart to augment its offering and delivery network. "We would be raising USD 10-15 million in couple of months to strengthen our offerings and product range.
We are in the process of that. We would set up more bases to speed up delivery process and business," industrybuying.com Director Swati Gupta told PTI. In February this year, the company had raised USD 2 million from SAIF Partners, one of India's top VC funds which also backed makemytrip, justdial and Paytm.
"SMEs are our primary customers. Business comes from electrical goods, power tools, materials, utilities, safety tools, office furniture segments," she added. industrybuying.com sells products ranging from industrial automation to machining accessories, auto accessories to sawing and cutting tools, motors and power transmission to pneumatic.
Gupta said the company has over 800-1,000 brands, with a supplier base of around 2,000. It has around 3,000 customers including SMEs and industry buyers. When asked about sales growth, she said the company was doubling it every month.
"We attained the last year's business in just three months of 2015. This year we are expecting good business," she said without sharing sales turnover. The company takes around from two to seven days to deliver consignment after an order is placed, Gupta added.
"We have entered into tie-up with some transporter for execution of last mile delivery of the consignment. They are expert in industrial transportation. Some of them also offers cash on delivery," she said.
The company had started in 2013 and employs 65 people. It is aiming to expand its workforce to 100 in next two months.
PTI
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