IndiaMART acquires 26.01% stake in EasyEcom for around INR 133.5 Mn
New Delhi, January 6: IndiaMART, the largest B2B marketplace of India, via its wholly-owned subsidiary Tradezeal Online Private Limited, has invested approximately INR 133.5 Million to acquire a 26.01% stake in EasyEcom (Edgewise Technologies Private Limited).
Under the brand name ‘EasyEcom’, Edgewise Technologies is an AI-driven omnichannel inventory & warehouse management Solutions Company that offers SaaS-based online commerce enablement solutions to merchants. Its flagship inventory and warehouse management solutions allow merchants to allocate, track and reconcile inventory across various online and offline sales channels. It also offers additional modules that automate merchants’ other back-office functions, such as shipping related payments reconciliation and returns reconciliation.
Speaking about the investment, Mr. Brijesh Kumar Agrawal, Co-Founder and Director, IndiaMART, said, “This transaction is a part of IndiaMART’s ongoing efforts to make commerce easy for Indian Merchants. Merchants across India have increasingly started to realize the importance of adopting various online sales channels, and the market in itself is large and fast-growing. EasyEcom’s solutions allow MSMEs to manage and sell products across various sales channels easily. We understand the tremendous potential of the company to cater to major eCommerce marketplaces. Moreover, this investment is aligned with IndiaMART’s long-term vision to provide a holistic ecosystem for all business needs.”
Adding to this, “Covid-19 transformed the entire retail market and accelerated the digital transformation of commerce. We rapidly ramped up the team during the covid lockdown 1 and grew massive 300% over the next 18 months. With this Series A funding of $2 million from IndiaMART, we are looking forward to becoming the best in terms of providing flawless, advanced and at the same time flexible omnichannel inventory & warehouse management solutions. We will deploy these funds to strengthen our technology further and in marketing & expansion activities. The participation of investors with a great vision and long term objectives such as IndiaMART will help us transition from being a start-up to a well-rounded market leader,” said Mr. Punit Gupta, CEO of EasyEcom.
Since its listing on BSE and NSE, the leading marketplace player IndiaMART is backing several MSMEs and SMEs in India to help them prosper with a 360-degree approach. It has already invested in software such as Vyapar, Bizom, Shipway, Legistify, Superprocure and Aerchain, all of which are in line with IndiaMART’s vision. The investment in EasyEcom is also in line with IndiaMART’s long term objective of offering various software as a Service (SaaS) solutions for businesses.