 "Online capital goods retailer Omnikart raises $100,000 seed fund")
This article has been modified. Please see the clarification at the end.
Omnikart, a startup company that accepts orders for industrial equipment through online has been able to raise $100,000 seed funding from Sumit Gandhi and Manish Gandhi, the promoters of ABEC Ltd, a business event management and exhibition company.
The online company has started operations in Powai and Ghatkopar area in Mumbai and has so far processed 1,000 orders successfully. It has plans to further increase its distribution to all parts of Mumbai by setting up satellite distribution centers across the city, it said in a release.
As it is expecting steady growth in this ‘untouched’ market, Omnikart hopes to raise series A private equity funding within a year. Series A funding to a startup pours in from venture capitalists and financial institutions when a company starts to generate some revenue but not necessarily net profit.
It has listed nearly 10,000 products on its website for customers in Mumbai and wants to increase its footprint across India, according to Omnikart website.
The Gandhi brothers, who said Omnikart is a one stop destination for industrial goods, are coming up with a venture capital fund called Willfly next month. Willfly will be looking to invest in startups primarily at the seed funding stage, it said in the release.
CLARIFICATION
In an earlier version of this article, Omnikart was wrongly spelt as Omnicart. The error is regretted.
Omnikart, a startup company that accepts orders for industrial equipment through online has been able to raise $100,000 seed funding from Sumit Gandhi and Manish Gandhi, the promoters of ABEC Ltd, a business event management and exhibition company.
The online company has started operations in Powai and Ghatkopar area in Mumbai and has so far processed 1,000 orders successfully. It has plans to further increase its distribution to all parts of Mumbai by setting up satellite distribution centers across the city, it said in a release.
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“The industrial supplies market is still untouched in India, while supplier market is highly fragmented and also lacks transparency and competitiveness. Our effort is to simplify the process of industrial purchase, " said Faisal Ansari, cofounder of Omnikart.
As it is expecting steady growth in this ‘untouched’ market, Omnikart hopes to raise series A private equity funding within a year. Series A funding to a startup pours in from venture capitalists and financial institutions when a company starts to generate some revenue but not necessarily net profit.
It has listed nearly 10,000 products on its website for customers in Mumbai and wants to increase its footprint across India, according to Omnikart website.
The Gandhi brothers, who said Omnikart is a one stop destination for industrial goods, are coming up with a venture capital fund called Willfly next month. Willfly will be looking to invest in startups primarily at the seed funding stage, it said in the release.
CLARIFICATION
In an earlier version of this article, Omnikart was wrongly spelt as Omnicart. The error is regretted.