Tech-powered procurement platform Bidso secures a substantial $1.5 million funding, led by PeerCapital, signaling a new phase of growth and innovation in the B2B sourcing landscape
In a significant boost to its growth trajectory, Bidso, a pioneering technology-driven product procurement platform, has successfully raised $1.5 million (Rs 12.4 crore) in funding, with PeerCapital leading the investment round.
Joining forces with PeerCapital in this funding endeavor were prominent names such as DeVC and a cohort of angel investors, including Mohit Sadaani of The Mom’s Co., OfBusiness Founders Fund, Nishit Garg from RTP Global, Saurabh Jain of Livspace, Revant Bhate of Mosaic Wellness, and more.
The newly secured capital infusion, as outlined by the startup, will play a pivotal role in driving ambitious expansion plans. The funds will be primarily channeled towards enlarging Bidso’s operational footprint across diverse geographies and demand channels. Additionally, substantial efforts will be directed towards enhancing Bidso’s network of manufacturers and bolstering its technology infrastructure.
Bidso – Empowering B2B Product Procurement Co-founded in 2022 by Ashwin Jain, Rahul Agarwal, Aditya Krishnakumar, and Vivek Singhal, Bidso stands as a technological beacon in the realm of product procurement. It ingeniously facilitates seamless and tailored sourcing of high-quality products, all while ensuring utmost value and transparency.
At its core, Bidso offers a comprehensive solution for brand sourcing, spanning the entire spectrum from product and supplier discovery to value exploration and fulfillment. The platform operates as a tech-enabled hub for original equipment manufacturers (OEM) and contract manufacturers, specifically catering to the expansive domain of general merchandise goods.
Vivek Singhal, co-founder of Bidso, highlights the forthcoming strategic endeavors empowered by the freshly garnered funds. The platform is steadfast in its mission to amplify its impact by catering to a minimum of 100 brands and facilitating sourcing for a diverse array of 50 distinct product categories within the next six months.
Aiming to Contribute and Transform Rooted in Bengaluru, Bidso is not only committed to its growth but also to the larger societal landscape. The platform envisions contributing to India’s “Make in India” initiative by fostering demand and enhancing the capabilities of local SME manufacturers. Concurrently, brands are poised to benefit from streamlined product discovery and sourcing of customized offerings. The startup’s commitment is fortified by its meticulous curation of manufacturing partners, with a focus on bolstering transparency and operational efficiency across the intricate supply chain.
This development in the B2B tech sector mirrors a broader trend. The projected gross merchandise value (GMV) of tech-driven B2B marketplaces in India is anticipated to reach an impressive $125 billion by 2027, according to a recent study by Avendus Capital. Notably, other players in the tech-driven marketplace arena, such as Redbasil, are also securing investments to fuel their expansion and innovation endeavors.
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The Entrepreneur Today Desk