Tech-enabled Sourcing Platform Bidso Secures $1.5 Mn From PeerCapital & Other Investors
Bidso, a technology-led product procurement platform, has raised $1.5 million (Rs 12.4 crore) in a funding round led by PeerCapital.
The funding round also saw participation from DeVC and angel investors like Mohit Sadaani (The Mom’s Co.), OfBusiness Founders Fund, Nishit Garg (RTP Global), Saurabh Jain (Livspace), Revant Bhate (Mosaic Wellness), and others.
As per the startup, the freshly raised funds will be primarily allocated towards expanding geographies and demand channels, improving Bidso’s network of manufacturers, and building the technology stack.
Bidso | B2B Product Procurement Platform
Co-founded by Ashwin Jain, Rahul Agarwal, Aditya Krishnakumar, and Vivek Singhal in 2022, Bidso enables businesses to effortlessly source customized high-quality products at the best value, providing full transparency & efficient fulfilment.
The B2B product procurement platform offers a full-stack solution for brand sourcing, from product discovery to supplier discovery to value discovery and fulfillment. It is a tech-enabled OEM / contract manufacturing platform for general merchandise goods.
As per Vivek Singhal, co-founder of Bidso, with the freshly raised funds, Bidso aims to double down its efforts and serve at least 100 brands by enabling sourcing for a minimum of 50 different product categories in the next six months.
The Bengaluru-based startup aims to contribute towards the Make in India initiative by driving demand and improving the capabilities of Indian SME manufacturers, while brands will find discovery and sourcing of customized products. As per the startup, it will curate only the best manufacturing partners into their network and improve transparency and operational efficiency across the supply chain.
Last week, the B2B marketplace for chicken and seafood UcliQ raised Rs 70 lakhs from EvolveX Accelerator, a startup accelerator from We Founder Circle (WFC), to expand its reach and impact.
The gross merchandise value (GMV) of tech-enabled Business-to-business (B2B) marketplaces in India is projected to reach $125 billion by 2027, according to a recent report by Avendus Capital. Also, Redbasil, a tech-driven, zero-inventory marketplace for wholesale food supply for restaurants and cloud kitchens, raised an undisclosed amount in a funding round led by South Asia Tech Partners.
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