B2B wholesale e-commerce marketplace platform Wholesalebox has raised Rs 15 crore across two rounds led by Orios Venture Partners with the participation of other investors including Contrarian Drishti Partners and Rajasthan Venture Capital Fund (RVCF).
The Jaipur-based startup had recently raised an undisclosed amount of funding from the aforementioned investors. It indicates that the last round is a part of the current capital infusion.
It took more than 20 months to raise next round for Wholesalebox. In November, 2016, it bagged $2 million from a group of institutional investors and marquee angels including Contrarian Vriddhi Fund, and Manish Maheshwari, CEO of Network 18 Digital, among others.
The startup will use the fresh risk capital to expand its footprint in India, streamline the supply-chain in the segment and on-board manufacturing and offline-store partners onto its platform, reveals the company press statement.
Founded in 2015 by Rohit Dangayach, Chandan Agarwal, Rakesh Shekhawat and Madhur Bhaiya, Wholesalebox is a B2B platform for shopkeepers to buy apparel, fashion jewellery and home furnishing products directly at factory prices.
The startup cliams to have over 20,000 offline retail stores and brings convenience, logistics, data, analytics and affordability to these stores while providing a convenient platform to generate wholesale off-take for manufacturers.
Currently it sources from Rajasthan and Gujarat and aims to expand its partnerships from 1,000 manufacturers currently to an extensive network pan-India covering 15 major manufacturing hubs to cater to more than 80 per cent of any shopkeeper’s need.
In the last 12 months, the startup claims to have grown to more than 10X in Annualized revenue run rate.
With Google partnership, Wholesalebox is leveraging data science and machine learning to further expand its O2O plan to make the offline inventory of more stores discoverable online.