IndiaMART raises Series-C funding

Amadeus Capital leads funding in its first investment in an Indian firm; existing investor Intel Capital also participates

IndiaMART, an online marketplace that connects buyers and suppliers, has raised an undisclosed amount in a Series-C funding round led by Amadeus Capital with participation from Westbridge Capital, the Accion Frontier Inclusion Fund managed by Quona Capital, and existing investor Intel Capital.

This is Amadeus Capital Partners' first investment in an Indian company. IndiaMART plans to utilise the funds to further strengthen its leadership position in the B2B (business-to-business) segment by scaling up Indiamart.com along with its ecommerce subsidiary Tolexo.com.

"While businesses have been followers in adopting Internet, more so in India, globally B2B is a much larger opportunity. The Indian B2B sector itself is set 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. We are elated that we share the same synergies with our new investors," Dinesh Agarwal, founder and CEO of IndiaMART, said in a statement today.

As MSMEs in India increasingly come online, IndiaMART offers buyers a trusted platform and tools to search from over 30 million products and connect with reliable competitive suppliers. Through its subsidiary Tolexo, IndiaMART is able to utilise data to help consummate transactions within the platform. Amadeus Capital is excited to be working with the founders as they grow and expand into new market segments," said Bhavani Rana, who led the investment on behalf of Amadeus Capital.