04 October 2016, India :
Bharat Bazaar has raised an undisclosed amount in seed funding from a clutch of investors. The investors participated in the round included BeeNext, a Singapore-based early-stage technology fund; TV Mohandas Pai, chairman, Manipal Global Education Services and Aarin Capital; and Kunal Shah and Sandeep Tandon, co-founders, FreeCharge.
The funding will be used to increase team size and presence across multiple Indian cities. Bharat Bazaar aims to target 50,000 active users by year ending.
“There has never been a better time to digitize agriculture in India. Supply channel bottlenecks and lack of a proper marketing channel are problems for a farmer who is already burdened with a host of troubles. We plan to tackle these issues,” said Saurabh Jain, co-founder, Bharat Bazaar.
Other investors who participated include Rohit Bansal and Kunal Bahl (Snapdeal co-founders), Anupam Mittal (co-founder, Shaadi.com), Amit Gupta (co-founder of Inmobi), Tracxn Labs and others.
“The grocery supply chain, in its current design, has a lot of middlemen and this presents a significant untapped opportunity to introduce efficiency across the whole value chain. By leveraging technology, Bharat Bazaar has streamlined end-to-end procurement processes. The B2B grocery delivery market for fruits & vegetables has a very large addressable market, with customers ranging from wholesalers, kirana stores, hyper markets, hotels, and B2C delivery startups,” said Neha Singh, co-founder at Tracxn.
Founded in July 2015, Bharat Bazaar is a mobile app that helps facilitate increased choice, trust and transparency between buyers and sellers, and bring in transactional ease into the fruits and vegetables wholesale supply chain. The startup partners with farmers, local aggregators, wholesalers, bulk buyers, food processing industries and exporters and has a buyer base in Maharashtra, Delhi, MP, Karnataka, Gujarat, and Rajasthan. Source- The Hindu Businessline