E & B : INDIA REPORTS – Indiamart.com readies for funding

India Post

India Post S Asia Bureau

NEW DELHI: Indiamart.com, a leading Indian B2B online marketplace, is all set for the launch of its transaction enabled B2B platform, and will simultaneously go for its first round of funding in the first quarter of year 2001. Having formed strategic alliances with yourimporter.com, Texas and SGS, Geneva for its online B2B transaction platform, IndiaMART is in talks with venture capitalists for raising the capital to the tune of $ 3-5 million, to be invested in new technology and 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.