B2B networking platform Anar raises $6.2 mn in seed funding round

B2B business networking platform Anar, has raised $6.2 million in a seed funding round co-led by Elevation Capital and Accel India. This round also saw participation from First Cheque and Utsav Somani (iSeed and Partner, AngelList India), along with some of the product-centric founders, including Ranjeet Pratap Singh (Co-founder & CEO, Pratilipi), Farid Ahsan (Co-founder, ShareChat), Vidit Aatrey and Sanjeev Barnwal (Co-founders, Meesho), and Shashvat Nakrani (Co-founder, BharatPe).

The company will use the funds raised to strengthen the product and its technology capabilities.

Launched iIn February 2020 by IIM Lucknow alumni Nishank Jain and Sanjay Bhat, the Anar business app caters primarily to small-and-medium businesses (SMBs) across the value chain, from manufacturers to retailers and resellers, helping them connect and interact with one another.

Jain and Bhat's vision is to build Anar as the go-to B2B networking platform for SMBs across India, enabling over 70 million businesses to get access to a vast network, create their digital identity, and find a place to stay updated with industry trends. In a short span of time, the platform has gained over 200,000 registered businesses on the platform.

Nishank Jain, co-founder and CEO, Anar, said, "For all these years, SMB owners are used to getting business through their relationships and networks. With Anar, we want to enable owners to focus on something they are good at, i.e. building their network to grow their business. Anar is a 0-to-1 solution in this space with no other global peers, and we are humbled by our investors' belief in our team and our vision. These funds will help us deliver a world-class product for SMBs."

On the Anar business app, all retailers, resellers, wholesalers, distributors and manufacturers can create their own profiles, upload their catalogues, create posts, form connections, post requirements and interact with one another. Today, Anar focuses on onboarding businesses across multiple verticals, especially jewellery, clothing, grocery stores, footwear, leather products, and similar verticals.

"We want to hire the best engineers and product leaders who will embrace our user-first product mindset as we solve the most pressing problems for SMBs. We are in the early stages and have a strong product roadmap and need candidates who can think on first principles to deliver against our strategy. Our long-term objective is to make the best engineering and product team in the world," Sanjay Bhat, co-founder and CTO, Anar said.

Prayank Swaroop, partner, Accel India, added, “Anar is building the new business social network for SMEs in India. A more collaborative way of doing business, and something that hasn't existed in India before. We are very happy to partner with Anar's enterprising team!”

Amit Aggarwal, VP, Elevation Capital, added, “We’ve long believed in the power of networking to empower and turbo-charge businesses, but observed a gap in the MSME domain which is constrained by legacy relationships. Anar is taking a unique discovery-first approach to B2B relations (and commerce) and making it truly seamless for small businesses to create their digital presence and forge connections. We are really excited to partner with Nishank and Sanjay in this journey to create a category defining business.”