Venture capitalist firm SAIF Partners today said it will invest USD 2 million in industrial e-commerce company industrybuying.Com.
"The amazing momentum the industrybuying.Com is experiencing is encouraging and we believe our capital infusion can help them grow faster. The Industrial e-commerce model is proven in the US and Chinese markets," SAIF Partners Principal Mukul Singhal said in a statement.
SAIF Partners manages over USD 1 billion of investments in India.
This funding shall be utilised to continue traffic growth, expand product coverage and drive massive revenue growth. industrybuying.Com is the first mover in industrial products for the e-commerce sector.
"Nobody in India was doing what Grainger.Com and Amazonsupply.Com have done in the US. We saw the gap and launched our ecommerce operations. Our vision is to be for Industry what Flipkart or Snapdeal are for consumers," industrybuying.Com said.
Industrybuying claims to host over 500 brands, 1000 suppliers and 1.5 lakh products online.
Its presence includes online ecommerce and offline corporate customers like Motherson Sumi, Havells, RPG, Honeywell, Siemens, Tata Power, Escorts and others.
"The addressable market is huge. Industrial sector forms 28 per cent of GDP compared to Retail which is 14 per cent GDP. The Industrial ecommerce market in India is nascent and is set for explosive growth in the years to come," industrybuying.Com said.