2am VC, a US-based early-stage India fund, along with Axilor Ventures, Let’s Venture, IIMI Fund, Qua Capital, Incisive Ventures, and marquee angel investors such as Anupam Mittal (founder Shaadi.com), Ramakant Sharma (Co-founder Livespace), Abhishek Nag (Director at Netflix) and Ryan Valles (a US-based serial entrepreneur), has invested in BizzTM, a burgeoning M2B2C model startup enabling retailers to sell without owning inventory through a futuristic supply chain platforms working on aggregated delivery services.
Apart from the aforementioned ventures and angel investors, family offices like Patni, Supriyajith Family Trust, and Almoayed General contributed to the funding, bringing the total to USD 1.2 million for BizzTM in the seed funding round. The brand will leverage the freshly infused capital to further expand its presence in 100 new cities across Indian northern regions while adding innovative categories, onboarding cutting-edge technology, and improving existing supply chain infrastructure.
Speaking on this remarkable development, Amit Sharma and Siddharth Biyani, the Co-founders of BizzTM, said, “We are thrilled to have such prominent investors supporting our entrepreneurial journey. Leveraging this funding, we will continue to work on our end goal, creating a seamless and cost-effective digital e-commerce system accompanied by a smooth delivery process. At present, the Indian retail ecosystem is swiftly adopting digital adoption. In fact, more than 90% of retailers are now using social media applications like WhatsApp to provide a more enhanced and interactive consumer experience. However, these retailers suffer from an inept supply-chain process and expensive costs, thereby earning the lowest margins worldwide. We aim to build smooth supply-chain operations on the back of modernistic technology and enabling retailers to maximize their profits.”
Adding comments about this latest venture, Hershel Mehta and Brendan Rogers, Founders & Partners at 2am VC, said, “Considering the fast-moving growth of the e-commerce market, it is safe to assume that the future belongs to them. However, even today, there’s a huge need for comprehensive e-commerce methodologies, cost-effective delivery processes, and competent supply-chain processes for new-age retailers and debutants trying to earn maximum profits. At such a juncture, BizzTM has paved the way forward for many big and small enterprises, retail startups, and even existing and flourishing retailers. We have high hopes for this spectacular startup and plan to support their fruitful journey throughout.”
It is pertinent to mention that since its inception, BizzTM has witnessed a robust adoption from small and upcoming retail stores. The brand has recorded 10x growth by selling over two million products in less than a year. Owing to the current hypergrowth scaling, the BizzTM aspires to onboard at least one lakh retailers and clock over INR 100 crore Gross Merchandise Value (GMV) by the end of next year. Both the founders, Siddharth Biyani and Amit Sharma, together have extensive experience in the Indian retail industry and therefore understand the core issues faced by them. Leveraging their extensive knowledge, skilled workforce, and futuristic technology, they aim to seamlessly resolve all pain points related to retail business through modern approaches.
Categories: Venture Capital