Business-to-Business tech startup Bijnis has bagged $ 10 million funding from Matrix Partners India and Sequoia Capital India, along with participation from existing investors Waterbridge Ventures and Info Edge in a Series A funding round.
Bijnis, formerly known as ShoeKonnect, will be using the freshly raised funding to further help manufacturers grow their business by expanding their distribution network of retailers across the country.
It would also be looking forward to building more products and scalable technologies focussed on manufacturers in the footwear & fashion categories.
Siddharth Vij, the Co-founder of Bijnis, told ET (1),
“We started with footwear category to test that out… it scaled well and profitably, and that’s when we decided to expand our scope and launch other categories like fashion, lifestyle, and accessories. Covid-19 has further accelerated the need for digitization on both sides of the marketplace.”
Connecting manufacturers with retailers in fashion
Founded by Siddharth Vij, Chaitanya Rathi, Siddharth Rastogi, and Shubham Agarwal in 2015, Bijnis is a tech platform that connects manufacturers and retailers from the fashion categories.
It also offers third-party payments and logistic solutions to manufacturers and retailers on its platform while competing with platforms like Udaan.
The platform has enabled over 400 manufacturers to serve 60,000 retailers across 700 districts in the country.
Vikram Vaidyanathan, Managing Director at Matrix Partners India, while talking about the partnership, said that they believe in Bijnis’ manufacturer-first approach driving tech adoption and efficiency for all players in the value chain.
Kitty Agarwal, Partner at Info Edge Ventures, added that the platform’s adoption between manufacturers and retailers has been rapid with very high dependency.
Matrix Partners India also invested $5 million in plant-based nutrition startup OZiva in a Series A funding round.