B2B sourcing platform catering to manufacturers Bidso, has successfully raised a cumulative funding of $1.5 million through its pre-seed and seed rounds. The seed round witnessed a substantial investment of $1.2 million from PeerCapital. Meanwhile, the pre-seed round saw contributions from DeVC and notable angel investors such as Mohit Sadaani from The Mom’s Co, Nishit Garg from RTP Global, and Saurabh Jain from Livspace.
Strategic Utilization of Funds
In an official statement, Bidso outlined its plans to utilize the funds to expand its market presence, strengthen its curated network of manufacturers, and develop a technology stack. This technology stack includes innovative components like a quality adherence module for manufacturers and a product configuration engine for buyers.
Bidso Comprehensive Solution for Brand Sourcing
Founded in 2023 by Rahul Agarwal, Ashwin Jain, Aditya Krishnakumar, and Vivek Singhal, Bidso offers a comprehensive solution for brand sourcing. The platform covers every step of the sourcing process, from product and supplier discovery to value assessment and fulfilment. In essence, Bidso empowers manufacturers to connect with suppliers and source products efficiently.
Bidso Growth Ambitions and Contribution to ‘Make in India’
Bidso’s co-founder, Vivek Singhal, expressed ambitious plans for the future. Singhal stated, “With the raised funds, we aim to significantly expand our reach, facilitating sourcing for at least 100 brands across a minimum of 50 product categories within the next six months.” Additionally, the startup aims to contribute to the Indian government’s ‘Make in India’ initiative by linking businesses with local vendors. Bidso seeks to enhance transparency and operational efficiency throughout the supply chain by meticulously curating the best manufacturing partners for its network.
This funding announcement arrives at a crucial juncture for the Indian startup ecosystem, which is currently navigating the challenges of a funding winter. According to a report, Indian startup funding decreased by 66% year-on-year in the first half of 2023, amounting to $5.4 billion, compared to $6 billion in the same period of 2022. Bidso’s successful funding round not only showcases investor confidence but also underscores the potential for growth and innovation within the B2B sourcing sector.
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