B2B platform Bijnis raises $30 million in Series B round led by Westbridge Capital
1 min read . Updated: 28 Sep 2021, 05:30 AM IST
PremiumBijnis will use the capital to grow its customer base comprising retailers and manufacturers, besides creating more efficient tools to help manufacturers manage their operations and supply chains better
BENGALURU : Bijnis, a business-to-business (B2B) platform for manufacturers, has raised a $30 million (about ₹222 crore) Series B round led by Westbridge Capital. The round also saw the participation of existing investors InfoEdge, Matrix Partners India and Sequoia Capital India, Bijnis said on Monday.
Bijnis will use the capital to grow its customer base comprising retailers and manufacturers, besides creating more efficient tools to help manufacturers manage their operations and supply chains better.
Bijnis, which was founded in 2015 by Siddharth Vij, Siddharth Rastogi, Shubham Agarwal and Chaitanya Rathi, connects factories and manufacturers, and looks to help them procure raw materials directly, besides managing logistics and payments.
“(Bijnis seeks) to take factories to the world by digitizing and building a globally integrated network of manufacturers on one platform. Our simple and scalable operating systems help manufacturers to improve overall efficiency as they run capacities at optimum levels," said Vij, chief executive, Bijnis.
The startup caters to manufacturers and small businesses in fashion, footwear and lifestyle sectors.
While Bijnis is focusing on growing its base of direct manufacturers and factories, it will also look to launch new product tools for factory management next year, Vij added.
“Bijnis has carved a niche for itself as the B2B platform of choice in these categories and we are excited to be partners as they transform the ecosystem for these categories in India," said Sandeep Singhal, partner, Westbridge Capital.
Bijnis has more than 5,000 registered manufacturers and factory owners. It helps them source demand from over 100,000 small retailers. It aims to rope in 20,000 manufacturers and 1 million retailers within the next two years.
“The last 12 months have been transformational for Bijnis, and the scale of growth achieved is a clear outcome of the focused investments in the factory product as well as the retailer’s reach," said Sudipto Sannigrahi, vice-president, Matrix India.
Over the next two years, Bijnis will also focus on procuring demand from international markets for its manufacturing partners.
Bijnis had raised its Series A round worth $10 million co-led by Matrix Partners India and Sequoia Capital India in July 2020.
The startup had also announced a secondary share sale, with the company’s early investors selling their share.
New investors buying into the company included Zomato chief Deepinder Goyal, Policybazaar CEO Sarbvir Singh and Ofbusiness founder Asish Mohapatra, among others.
