SAIF Partners to invest $2 Million in industrybuying.com
New Delhi, February 27, 2015: – SAIF Partners, a leading venture capital and private equity firm which manages over US$ 1 billion of investments in India has announced $ 2 Million worth investment to further accelerate industrybuying.com, India’s largest platform for industrial e-commerce observing its impressive growth rate and customer success. This funding shall be utilised to continue traffic growth, expand product coverage and drive massive revenue growth. industrybuying.com is the first mover in industrial products for the e-commerce sector. 100% FDI permissible in B2B ecommerce.
The company was founded by two industry experts, Rahul and Swati. Rahul after completing his education at IIT Delhi and Columbia University, has 12 years of total experience: 5+ years as trader on Wall Street with Lehman Brothers, 7 years in Industrial Sales and Marketing. Swati after completing her education at DCE and Carnegie Mellon University, is Ex-Bain and Co. with a total of 14 years of Management Consulting and Private Equity advisory experience in New York and India.
Mukul Singhal, Principal, SAIF Partners commented, “industrybuying.com represents a growing segment of emerging players who are using technology with a differentiated approach in the e-commerce sector. The amazing momentum the company is experiencing is encouraging and we believe our capital infusion can help them grow faster. The Industrial e-commerce model is proven in the US and Chinese markets. Industrybuying is poised to grow on the back of its better and transparent pricing, product comparison and breadth and the online model for pan India accessibility.”
Swati, Co-founder, Industrybuying.com commented, “The addressable market is huge; Industrial sector forms 28% of GDP vs Retail at 14% GDP. The Industrial ecommerce market in India is nascent and is set for explosive growth in the years to come.
Rahul, Cofounder commented, “Nobody in India was doing what Grainger.com and Amazonsupply.com have done in the US. We saw the gap and launched our ecommerce operations. Our vision is to be for Industry what Flipkart or Snapdeal are for the Consumer”
Industrybuying.com is building India’s largest industrial e-commerce platform and is bringing the benefits of e-commerce to industrial customers. It is rapidly scaling up on the back of its validated online economics and proprietary flexible technology platform. It hosts over 500+ brands, 1000+ suppliers and 1.5 lakh products online. Its omni-channel presence includes online ecommerce and offline corporate customers like Motherson Sumi, Havells, RPG, Honeywell, Siemens, Tata Power,Escorts and many more.
The company will use the funds it has raised to grow its direct traffic, vendor and item breadth, and drive key enablers of technology & operations The company also intends to build custom e-commerce products to bring corporate buying online.