Bzaar, a global business-to-business (B2B) e-commerce marketplace, has raised $ 4 million (Rs 30 crore) in its seed funding round led by Canaan Partners, the company said in a statement on Tuesday.
Angel investors Binny Bansal, co-founder of Flipkart, Sameer Nigam and Rahul Chari, co-founders of PhonePe, Lee Fixel, founder of Addition, and Ashish Gupta managing director and co-founder of Helion Ventures also participated in the round of table, the the company said in the statement.
The company, operated by Overleap Networks Pvt Ltd, will use the funds to acquire more verified and export-ready manufacturers for its platform, and to strengthen its operations in India, he added.
Co-founded by Nishant Verman and Prasanth Nair earlier this year, Bzaar is a global digital wholesale marketplace enabling small retailers around the world to purchase unique, high-quality and well-selected products from India and China. South East Asia. The startup enables small and medium-sized enterprises (SMEs) in India and Southeast Asia to directly connect with buyers around the world to drive international business through its technology platform.
Prior to co-founding Bzaar, Verman was the head of business development at Flipkart, the Walmart-owned e-commerce giant. Nair previously led engineering and product teams at Amazon and Flipkart, and subsequently built Alibaba Lazada’s cross-border B2C (business-to-consumer) platform in Singapore.
Bzaar claims to present over 15,000 products in over 50 verticals including lifestyle, home, accessories, clothing and jewelry from brands and value based vendors in India. Retailers in over 100 countries can purchase all of these products directly online at competitive prices, Bzaar said. Bzaar manages the entire process, including logistics and shipping, with the aim of ensuring delivery on time and as promised to the door, he added.
âThe pandemic has accelerated the need for supply chain diversification and triggered a massive increase in the number of companies looking to expand internationally,â said Verman, co-founder and CEO of Bzaar.
Bzaar said that although historically large retail chains set up sourcing teams in the field or work with buying houses to source in volume, SMEs are struggling due to the lack of access to such infrastructure. Bzaar digitally enables every small and medium-sized business to have the same advantages as large ones for international sourcing, he said.
âCurrently, if you are a small business in India looking to start or accelerate your export business, the infrastructure is largely offline and opaque or almost nonexistent. Bzaar is democratizing exporting from India and Southeast Asia so that products in demand from the region are accessible globally, âsaid Verman.
The company said it is imperative that every company have equal access to the vast sourcing opportunities that the global supply chain offers, whether it is product selection, pricing, lead times. ‘shipping or payment terms, regardless of size or location. Bzaar claims that the number of sellers using its platform has increased 20-fold in the past six months.
âToday, the United States is already the largest export market for Indian products, accounting for 17% of total product exports. Yet, no online platform really existed for US-based SMBs to discover trusted suppliers, purchase large quantities, and handle the entire buying process. This is exactly why Bzaar exists and why we are excited to lead their start-up cycle, âsaid Joydeep Bhattacharyya, General Partner, Canaan Partners.
Canaan Partners had recently invested in Mindtickle, a firm that helps companies develop their sales pitch, along with others, bringing Mindtickle’s valuation to over $ 1 billion.