B2B Marketplace Wydr Raises Funding From Bessemer Venture Partners
Jul 29, 2020
Gurgaon-based Wydr, a mobile B2B marketplace, has successfully raised second round of funding from Bessemer Venture Partners, Stellaris Venture Partners and Jungle Venture Partners. Axis Capital from Singapore has also participated in the round. The company plans to utilize the fresh round of capital to expand its Seller Base across Wholesale Hubs in India, introduction of new categories and technology innovation delivering more value to its B2B users. ADVERTISEMENT
The company already has more than 1000 merchants selling their products on the app and more than 200,000 retailers who have downloaded the app in less than a year since launch. Commenting on this fresh round of funding, Devesh Rai, the CEO and Founder, Wydr, said,
Wydr is the first of its kind in India as it connects manufacturers, wholesalers and retailers. The app enables easier sourcing and better pricing for retailers while opening up new avenues of sales and better stock liquidation to the merchants. With it’s innovative technology features, Wydr enables data led inventory buying for it’s buyers, better selling analytics for sellers and perfect match making algorithms. Currently it is expanding its product portfolio and bringing more merchants onboard. Commenting on the funding, Rahul Chowdhri, Partner, Stellaris Venture Partners said,
B2B eCommerce is a very attractive segment and we believe the timing is right for innovation in this segment. We liked Wydr’s approach to the business and with the proven track record of the founding team, we found it to be an exciting company to invest in. Vishal Gupta, Managing Director, Bessemer Venture Partners, said,
We were impressed by the approach that Wydr has taken to solve the pain points of the industry, along with the traction that they had created in a short period of time. This is an emerging segment, and we have full faith in the capability of the Wydr team to make a significant impact. Amit Anand, Founding & Managing Partner, Jungle Ventures, said,
The Wholesale Market in India is extremely unorganized and fragmented. We believe that there is significant headroom for technology innovation and business growth in this segment. We believe Wydr is well placed to be the winner in this segment. Launched in March 2016, Wydr is an app-based marketplace, which connects manufacturers, wholesalers and retailers. They have a wide range of products across categories like fashion, home, automotive & electronics. Retailers can browse and order products, which are then delivered to their location anywhere in India. As per the company, their key differentiators lie in the combination of product features and services that they have created specifically for B2B buying and selling. Product features like Negotiation Tools, Multiple Selling Formats, Smart Network capability, Structured Chat enabled features, Private Marketplace capability, amongst others are designed for the needs of this segment.