Venture debt is an alternate form of finance often used by startups to extend runway, fund capex, optimise dilution or finance their working capital needs.
“The investment would be used to finance the working capital and also drive growth in the enterprise arm of Industrybuying – an arrangement between Industrybuying and enterprises where special rates are negotiated for procurement of products,” said Co-founder Swati Gupta.
The announcement comes just a month after the Delhi-based startup raised an undisclosed amount in funding from Murugappa Group and TVS Group — two leading family groups with diverse businesses interests — along with Singapore-based Beenext.
Founded in 2013 by siblings Swati and Rahul Gupta, Industrybuying is an online marketplace selling industrial products to SMBs as well as large businesses. The portal has an online catalogue of over 350,000 products, used in manufacturing, construction, maintenance, services and commercial operations.
Industrybuying claims to have over 30,000 registered SMBs shopping from its portal. It counts among its customers leading FMCG, hospitality, manufacturing and construction companies, besides large and small auto ancillaries, pharma manufacturers, services and hospitality companies, and maintenance firms.