Cloud-based Platform Wogom Raises US$1.9 Mn in Funding

Wogom, a cloud-based platform enabling the distribution & retailer ecosystem in hinterland India, raises US$1.9 million in funding

WOGOM, a cloud-based platform enabling the distribution & retailer ecosystem in hinterland India focused on consumer electronics & mobile phone categories, today announced it has raised US$1.9 million in funding so far from family offices and a few seasoned industry veterans who are also active early stage investors. The money was raised in 2 tranches – US$600,000 a couple of months earlier and US$1.3 million now. The fund was raised from clutch of veteran angel investors & Family Offices.

Commenting on the fundraising, Nirav Patel, Founder & CEO, of WOGOM, said, “We are truly delighted at the confidence expressed by leading entrepreneurs who have successfully built sized companies in different areas through their personal investment in Wogom. Family office investing further validates the business model and the unique challenge we are trying to solve that benefits the entire ecosystem. The team is truly inspired by their vote of confidence and looks forward to scaling the venture in the months to come. The funding will be utilized strategically for further market expansion beyond Gujarat, investment in technology to ensure the platform is cutting-edge and supports the business vision, retailer financing, and logistics as we look to add more product categories.”

About WOGOM: With a corporate office in Mumbai and a registered office in Ahmedabad besides an office in Pune, World Goods Marketplace (WOGOM), is a cloud-based platform enabling the distribution & retailer ecosystem in hinterland India focused on consumer electronics & mobile phone categories. Besides helping distributors and retailers find their customers, the platform also helps dealers expand their sales and enhance profits, solve trade credit issues, and help as a launch pad for new brands/ entrants. Wogom takes the risk on behalf of the retailer by providing finance against the goods being supplied, removing a key pain point for distributors. The model has been successfully piloted in Gujarat with 2100+ dealers/distributors across all districts currently registered on the platform. WOGOM also intends to bring high-quality and globally known brands (but not known or available in India) into India. It has enabled some brands to touch consumers or have retailers stock or sell them for the first time in such local markets. Wogom believes that retailers will earn higher margins by promoting these world-class products and by having the first mover advantage of technology and unique products will increase tech-savvy customer's footfalls to their respective stores.

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