Bijnis raises US$ 10 million in Series A led by Sequoia, Matrix Partners India

Bijnis, a business-to-business marketplace for unorganised retail segment, raised US$ 10 million in Series A, co-led by Matrix Partners India and Sequoia Capital India, along with existing investors InfoEdge and Waterbridge Ventures.

The company plans to utilise these funds in helping manufacturers grow their business by expanding their distribution network of retailers across India. It will also use the capital for building out more products and scalable technology focused on manufacturers in the footwear and fashion categories.

The company was founded five years back by Mr Siddharth Vij, Mr Chaitanya Rathi, Mr Siddharth Rastogi, and Mr Shubham Agarwal. It was formerly known as ShoeKonnect and later renamed as Bijnis, focuses on simplifying a digital transaction layer between manufacturers and retailers in the unorganized categories of footwear, fashion, and accessories. Presently, it enables 400 plus manufacturers to serve 60,000 plus retailers across 700 (out of 729) districts in India.

"Traditional B2B supply chains are still largely unorganized and fragmented. There lies an immense opportunity in building a digital ecosystem around the same. Building the model for one category over the last three years has helped us understand the problems that lie at the core of unorganized supply chains. We believe we are on the right track and positioned to expand and revolutionize the traditional B2B ecosystem around the fashion and lifestyle categories, " said Mr Siddharth Vij, chief executive officer and co-founder of Bijnis.

In India, the traditional supply chains across fashion and footwear category are highly unorganized and fragmented. The industry is witnessing a massive transformation on the back of rapid digitization across various layers in these supply chains. "Bijnis is leveraging these trends to build the next-gen product for small manufacturers who are the backbone of these supply chains in India. We are excited to partner with the Bijnis team in their mission to digitize small manufacturers and empower them by bringing information symmetry, efficiency and expanding their reach," said Mr Shraeyansh Thakur, vice-president at Sequoia Capital India LLP.
 

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.