Mobile B2B marketplace Wydr raises fresh funds

Mobile B2B marketplace Wydr raises fresh funds
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Mobile B2B marketplace Wydr raises fresh funds

Mobile business-to-business (B2B) marketplace Wydr has raised an undisclosed amount in a fresh round of funding from its existing investors, a company statement said.

The startup will utilise the capital to strengthen its seller base, set up pan-India offices and develop its product and technology to penetrate deeper into the Indian wholesale market, the statement added.

Run by Techwider Network India Pvt. Ltd, Wydr was founded by Devesh Rai, a founding team member of ShopClues, in March 2016. Before setting up ShopClues, the IIM Calcutta alumnus led the marketing and distribution division at Mail Today newspaper. Previously, he also worked at HT Media, HCL Technologies and Rediffusion.

The Gurgaon-based marketplace connects manufacturers, wholesalers and retailers, and offers products across fashion, home, automotive and electronics. It claims that retailers in over 2,000 cities across India have sourced products at wholesale prices directly from manufacturing and trading hubs, including Surat, Jaipur, Agra and New Delhi.

“We have been able to solve several key problems of wholesale trade. Retailers no longer have to worry about logistics, price competitiveness, variety and traveling to multiple cities to procure products,” Rai said in the statement.

In January 2017, Wydr raised an undisclosed sum in its Series A round from Bessemer Venture Partners, Stellaris Venture Partners, Singapore-based Axis Capital and Jungle Ventures.

Prior to that, in October 2015, the company raised an undisclosed amount in an angel investment from entrepreneur and early-stage investor Sandeep Aggarwal, co-founder of online marketplace ShopClues and Droom.

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