Bangalore-based retail technology startup Mobisy, which helps companies increase their sales and streamline supple chain through its mobile first saas solution, has announced on Monday that it has received a second round of venture capital funding of $3.5 million ( ~ Rs 24 crores), led by SIDBI Venture Capital Limited (SVCL), a venture capital arm of Small Industries Development Bank of India (SIDBI) specializing direct and fund of funds.

Other investors who participated in this round include existing investor Ojas Partners, Triton Investment Advisors and some individuals with high net worth.

Mobisy has two product offerings -- Bizom, a supply chain automation platform and Distiman, a mobile marketplace app that helps kirana stores (or small FMCG brands) order their inventory directly from distributors, delivered in under eight hours.

Founded in 2007 by Lalit Bhise, Riyaz Hyder, Shree Kulkarni and Vasudeva Manjunath, Mobisy enables orders from over 5 million retail outlets (about a third of India's retail ecosystem) and its goal is to build products that can positively change the lives of various stakeholders of the retail ecosystem. The freshly raised funds go towards furthering these goals and will be used for the startup's research and development and to power expansion plans through an intensified sales and marketing push.

Although ‘Amazon Business’ is a similar B2B marketplace for traders in India, Bizom does it at a micro level– by bringing distributors for small brands who are not present online. Major brands such as Parle agro, Nivea, Airtel, Idea, Paperboat etc. are amongst Bizom’s customers list.

In January 2017, Mobisy raised $382,000 (~ Rs 2.5 crore) in a bridge round from existing investor Ojas Ventures and two unnammed angel investors. Prior to this, Mobisy Technologies had secured $300,000 in seed funding from Ojas Ventures, in 2013.

Lalit Bhise, co-founder and CEO of Mobisy, said in a statement, "We look forward to leveraging their industry experience to penetrate deeper into our market and solve sales and distribution problems for consumer goods companies and their partners in India and abroad."

Sajit Kumar from SIDBI Venture Capital Limited, said in a statement to Economic Times, "We believe that Mobisy's real-time insight-driven solutions for our country's consumer goods retail ecosystem have the potential to streamline what is currently a very high-touch, inefficient system. This can mean better results for everyone in the ecosystem, from brands to distributors to retailers. We were particularly impressed by the team's passion to create products that bring the benefits of digitization to people who may otherwise have remained on the margins of Digital India - small kirana store owners, distributors and small & medium consumer goods brands," added .

Notably, Mobisy was ranked the third fastest growing technology company in India at Deloitte Technology Fast 50, 2017 and 43 in the inaugural FT 1000 High-Growth Companies Asia-Pacific list.

Speaking about SIDBI, Mobisy is SIDBI's second investment in retail tech segment, as earlier in last August, Gurgaon based retail tech startup FieldAssist had secured an undisclosed amount of funding from SIDBI.

In January this year, Gurgaon-based Corporatedge, a leading provider of Serviced Office Infrastructure in India got funded by SIDBI India Opportunities Fund to support the expansion of the company’s Serviced Offices business.

To recall, very recently Department of Industrial Policy and Promotion (DIPP) has stopped releases of funds to SIDBI, who's its fund manager, during FY18 and FY19, due to unspent balances.

SIDBI has so far committed Rs 1,285 crore to 27 local venture capital funds under the FFS scheme, of which Rs 141 crore -- only about 11% -- has been disbursed to these funds till April 2018.

Via - Economic Times | Top Image -

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