industrybuying funding

Delhi-based industrial e-commerce platform IndustryBuying.com, has raised $2 million in seed funding from early stage venture capital firm SAIF Partners.

The received funding will be used by IndustryBuying.com to continue traffic growth, expand product coverage and drive massive revenue growth. It also plans to build custom e-commerce products to bring corporate buying online.

Industrybuying.com claims to be India's largest e-commerce platform for industrial supplies which have 500 brands, 1000 suppliers and 1.5 lakh products online.

"The amazing momentum the industrybuying.Com 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," SAIF Partners Principal Mukul Singhal said in a statement.

The startup was founded by brother and sister duo Rahul and Swati Gupta. Prior to that, Rahul was working as a debt instruments trader at a large Wall Street investment bank. Rahul has a B.Tech in Mech. Engineering from IIT Delhi and a Masters in Operations Research from Columbia University. Swati has over 12 years of experience in Supply Chain Management, Management Consulting and Private Equity Operational Advisory businesses. Swati is a graduate from Delhi College of Engineering and an MBA from Carnegie Mellon University.

"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 consumers," said Rahul, co-founder, industrybuying.com.

Just a couple of days back, along with few others SAIF has invested $3 million in NoBroker in Series A round of funding, Nobroker is a Bengaluru-based peer-to-peer property listings startup.

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