Bidso, a product procurement platform, has raised $1.5 million in its recent funding round. The company offers a full-stack solution for brand sourcing, from product discovery to supplier discovery, value discovery and fulfilment.
The funding was led by PeerCapital with a $1.2 million investment as part of the seed round, and a pre-seed investment of $300,000 by DeVC and Angel Investors, including Mohit Sadaani (The Mom’s Co), Nishit Garg (Partner, RTP Global), OfBusiness Founders Fund, Saurabh Jain (CEO, Livspace), Revant Bhate (CEO, Mosaic Wellness), and others.
“With the funds raised, we aim to double down on our efforts and serve at least 100 brands by enabling sourcing for a minimum of 50 different product categories in the next six months,” said Vivek Singhal, Co-founder, Bidso.
The funds will be used to increase demand channels, Bidso’s curated network of manufacturers, and building the technology stack, including a quality adherence module for manufacturers and a product configuration engine for buyers.
“Its innovative solutions unlock efficiency, transparency, and cost savings, propelling brands towards success. We are thrilled to support the company’s transformative journey, revolutionising the way brands source and grow in today’s dynamic market,” said Ankur Pahwa, Managing Partner at PeerCapital.
Additionally, it will contribute to the ‘Make in India’ initiative by improving the manufacturing capabilities of Indian small and medium-sized enterprises, the company said.