In line with the trend of large industrial houses investing in start-ups, the next generation of the Murugappa and TVS families, two leading Chennai-headquartered family-owned businesses, have invested an undisclosed amount in Industrybuying.com, a leading e-commerce B2B platform.
Vellayan Subbiah, Managing Director, Chola Finance; Muthu Murugappan, Business Head – Nutraceuticals, EID Parry; Arun Venkatachalam, angel investor; and Arathi Krishna, Joint Managing Director, Sundram Fasteners, have participated in this round of fund raise. Industrybuying.com will use the money to develop the platform, establish a nation-wide sales force, increase vendor base and develop a full suite of digital offerings for B2B brands.
This investment underlines the trend of family-owned businesses emerging as investors. Arun has previously financed start-ups such as ZoomCar, Firstouch Mobile, Autolotto and Posist.
Swati Gupta, co-founder, Industrybuying.com, says the company is working towards creating a robust technology back-end and a large ecosystem of vendors to help eliminate the pain-points of buyers.
Industrybuying.com, which sells industrial products to SMEs and large buyers, has over 15,000 registered SMEs shopping from the portal.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.