Tech-Driven Procurement Platform Bidso Secures $1.5 Million Investment Led by PeerCapital and Backed by Prominent Investors

Tech-Driven Procurement Platform Bidso Secures $1.5 Million Investment Led by PeerCapital and Backed by Prominent Investors

In a significant funding coup, Bidso, a pioneering technology-driven product procurement platform, has successfully raised $1.5 million (equivalent to Rs 12.4 crore) in a recent funding round that was spearheaded by PeerCapital, a notable player in the investment arena.

The funding event garnered enthusiastic participation from other well-regarded entities such as DeVC, as well as from a constellation of esteemed angel investors. Among the prominent angel investors are luminaries like Mohit Sadaani, the driving force behind The Mom’s Co., the visionary minds from OfBusiness Founders Fund, Nishit Garg representing RTP Global, Saurabh Jain of Livspace fame, the enterprising Revant Bhate of Mosaic Wellness, and several other industry stalwarts who shared in the funding momentum.

In accordance with the startup’s strategic vision, the freshly injected capital will find its primary allocation towards pivotal expansion initiatives targeting wider geographical coverage and diversified demand channels. Moreover, a significant portion of these funds will be dedicated to enhancing Bidso’s robust network of manufacturers, while also fortifying the bedrock of their technological infrastructure.

Bidso – The Trailblazing B2B Product Procurement Powerhouse

Emerged in 2022 through the collaborative endeavors of its visionary co-founders Ashwin Jain, Rahul Agarwal, Aditya Krishnakumar, and Vivek Singhal, Bidso stands as a transformative force in the arena of B2B product procurement. At its core, Bidso empowers enterprises to seamlessly access tailor-made, premium quality products, optimizing value while ensuring full transparency and efficient fulfillment.

This dynamic B2B product procurement platform presents a comprehensive suite of solutions catering to every facet of brand sourcing, starting from product exploration, supplier identification, value assessment, all the way to seamless order fulfillment. Serving as a cutting-edge, technology-enabled OEM and contract manufacturing hub for a diverse range of general merchandise goods, Bidso is revolutionizing the landscape.

Elevating B2B Manufacturing Logistics with Bidso’s Vision

Vivek Singhal, co-founder of Bidso, articulated a grand vision in light of the recent infusion of capital. Expressing their firm resolve, Bidso aims to intensify its efforts to provide a transformative service to no less than 100 brands within the span of the next six months. This ambitious goal includes the facilitation of sourcing for a minimum of 50 distinct product categories.

Seated in Bengaluru, this startup is unequivocally committed to playing a pivotal role in the Make in India movement by catalyzing demand and elevating the capacities of Indian SME manufacturers. For brands, Bidso serves as an invaluable gateway to discover and source highly customized products. The startup’s promise is underscored by its stringent selection process, only integrating the most exceptional manufacturing partners into their expansive network. This curated approach is set to enhance transparency and operational efficiency across the entirety of the supply chain.

A Flourishing Landscape for Tech-Enabled B2B Marketplaces

In a dynamic ecosystem, characterized by rapid digital transformation, the gross merchandise value (GMV) attributed to tech-enabled B2B marketplaces in India is projected to scale impressive heights, reaching an estimated $125 billion by 2027. This projection, as per a recent report by Avendus Capital, underscores the immense growth potential within this sector.

Notably, the funding landscape remains vibrant, with ventures such as UcliQ, a pioneering B2B marketplace for poultry and seafood, securing Rs 70 lakhs from EvolveX Accelerator. This strategic move is aimed at expanding its market presence and influence. Concurrently, Redbasil, a technology-driven wholesale food supply marketplace for restaurants and cloud kitchens, also embraced growth through an undisclosed funding round led by South Asia Tech Partners.

Startup News

Funding News

READ ALSO :-Lok Sabha Greenlights Digital Data Protection Bill 2023, Enshrining Privacy Rights and Corporate Accountability