A technology based business-to-business marketplace for unorganized retail segment, Bijnis, announced on 21st July, 2020 that it has secured USD 10M in Series A round. The round was led by Sequoia Capital and Matrix Partners India and existing investors InfoEdge and Waterbridge Ventures.
The Delhi based company claims to deploy the funds by expanding their distribution network of retailers across India which could help manufacturers grow their business. Further, the funds will be utilized to build out more products and scalable technology focused on manufacturers in the fashion & footwear categories.
Founded in 2015, Bijnis is a technology-based company, working towards digitizing traditional B2B businesses in unorganized industries like footwear, apparel, accessories, etc. The ‘Bijnis App’ (previously called Shoekonnect App) launched in 2017, currently has a network of more than 400 manufacturers serving 60,000+ retailers.
The company has been solving the problem of discovery, payments and logistics by bridging the gap between manufacturers and retailers in these unorganized industries. Bijnis has been empowering the manufacturers by expanding their businesses, giving them direct access to the retailers and enabling them to build a distribution chain of their own.
Managing Director of Matrix India, Vikram Vaidyanathan said “We believe in their manufacturer-first approach driving tech adoption and efficiency for all players in the value chain.”
Mirroring this sentiment, Partner at Info Edge Ventures, Kitty Agarwal explained, “the platform’s adoption amongst manufacturers and retailers has been rapid with very high dependency.”
Siddharth Vij, Chaitanya Rathi and Siddharth Rastogi were the alumnus of Delhi University and studied Economics in the batch of 2011-2014. Siddharth previously worked with the University Express as a Chief of Business Development and Corporate Communications and Siddharth Rastogi was an Analyst at PWC in the year 2014-2015. The fourth co-founder, Shubham Agrawal was an alum of IIM Nagpur, batch of 2015-2017.
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