IndiaMART all set for first round of funding

IT Space.com,

Bangalore: Indiamart.com, one of the first Indian B2B online marketplaces, is all set to launch its transaction enabled B2B platform, and will simultaneously go for its first round of funding in the first quarter of year 2001.

The company plans to raise a capital of $3-5 million to be invested in new technology & payment solutions and online marketing of its B2B services. It also proposes to add to its existing network of marketing offices strategic Indian locations with high density of export-oriented businesses, as well as offices at overseas locations.
”Unlike most Net-based ventures that rely on seed-capital to take off, we have religiously done our homework in the last five years to build a successful self-sustaining online B2B marketplace, making increasing profits year after year. It is now, after we are ready with our B2B online transaction platform with an established base of international buyers and sellers, that we have decided in favour of external funding in order to accelerate our growth plans in the coming months,” said Dinesh Agarwal, CEO, Indiamart.
The company employs over 145 professionals and operates through its head-office in Delhi and branch offices in Mumbai and Bangalore, supported by a nationwide network of marketing & service franchisees.
A conservative estimate by the company reveals B2B transactions worth Rs 1,200 crore through the portal in the current year, resulting from estimated 3000 online auction deals. In addition, Indiamart is also confident of achieving at least 2,500 online catalogues of member businesses on the portal by the end of the year.