IndiaMart raises undisclosed capital from Amadeus, others

Online marketplace IndiaMart on Wednesday said it has raised a new round of undisclosed capital led by Amadeus Capital with participation from Westbridge Capital and Accion Frontier Inclusion Fund.

The fund raising was managed by Quona Capital in addition to Intel Capital, the existing investor in the company. The company will use the fund to further strengthen its leadership position in the B2B segment by scaling up Indiamart.com along with Tolexo.com, IndiaMart said in a statement.

Through its subsidiary Tolexo, IndiaMart utilises data to help consummate transactions within the platform. It will assist Indian entrepreneurs to launch businesses, restock their shelves and connect with more business opportunities, it added.

IndiaMart Founder and CEO Dinesh Agarwal said the Indian B2B sector is estimated to grow by 2.5 times and touch $700 billion by 2020. "Given the socio-political and environmental forces in the country we foresee larger strides being taken by MSMEs in the coming years," he added.

This is the first investment in an Indian company by Amadeus Capital Partners, the global technology investor. As MSMEs in India have increasingly come online, IndiaMart offers buyers a trusted platform and tools to search from over 30 million products and connect with reliable competitive suppliers.