IndiaMART, India’s largest online marketplace, has closed a Series C funding round led by Amadeus Capitalwith participation from Westbridge Capital, the Accion Frontier Inclusion Fund, managed by Quona Capital, and existing investor to Intel Capital.
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.
Dinesh Agarwal, Founder and CEO, IndiaMART, says, “As pioneers in this field, we understand that there lies a huge untapped opportunity with Indian MSMEs as well as big corporate buyers who consolidate their forces through IndiaMART. While businesses have been followers in adopting internet, more so in India, globally B2B is a much larger opportunity. The Indian B2B sector itself is set to grow by 2.5 times and touch USD700 billion by 2020. Given the socio-political and environmental forces in the country we foresee larger strides being taken by MSMEs in the coming years. We are elated that we share the same synergies with our new investors.”
Bhavani Rana, who led the investment on behalf of Amadeus Capital, commented, “Leading the Series C financing into IndiaMART, India's most successful B2B classified listing marketplace, represents Amadeus Capital's first direct investment in India. The investment fits Amadeus' strategy of backing entrepreneurs benefiting from increased penetration of digital technology in emerging markets. As MSMEs in India increasingly come online, IndiaMART offers buyers a trusted platform and tools to search from over 30 million products and connect with reliable competitive suppliers. Through its subsidiary Tolexo, IndiaMART is able to utilise data to help consummate transactions within the platform. We are excited to be working with founders Dinesh and Brijesh as they grow and expand into new market segments.”
