BREAKING NEWS

Advertisement

Business

Updated on: Tuesday, August 17, 2021, 10:50 AM IST

B2B marketplace Yojak bags $3.8 mn in pre-Series A funding round led by Info Edge Ventures

Founders: Rachit Garg, Anup Jain |

Founders: Rachit Garg, Anup Jain |

Advertisement

Gurugram based B2B marketplace Yojak has announced that it has raised $3.8 million in a pre-series A round led by Info Edge Ventures. The round also saw participation from existing investors Kae Capital and angel investor Arun Venkatachallam. Construction focused global investor, Foundamental and founders of B2B startups such as Zetwerk, MedikaBazaar, Bizongo and Blackbuck, as well as angel investors such as Anupam Mittal, Sanjiv Rangrass also participated in the round.

The fresh funds will be used to build teams across tech and non-tech roles, develop new tech solutions and expand into new markets and categories.

Founded in 2019, Yojak began as a full stack platform for businesses in the building materials industry. Identifying a gap in supply chain across Bharat (Tier 2/3/4 cities), it aims to help enable a smoother supply chain and fulfillment for small retail stores by working directly with manufacturers, and providing a full stack value proposition starting from discovery, delivery to financing.

“Born in a family with a building material manufacturing business, we realised that there is a significant gap in the building materials supply chain with most businesses relying on traditional means for supply of materials, resulting in limited accessibility. Due to poor demand predictability small manufacturers also struggle with inefficiency in inventory cost as well as an inefficiency in manufacturing overheads. We wanted to build a platform to cater to this space and we aim to do so with the right team and tech solutions ” said Rachit Garg, Founder, Yojak.

Yojak has identified a highly inefficient and opaque ecosystem of manufacturers, wholesalers and small retailers in one of the largest segments of the Indian economy. Utilizing proprietary technology, the company has built practical solutions for each stakeholder ranging from procurement, sales, logistics to operations.

Commenting on the investment, Kitty Agarwal, Partner at Info Edge Ventures said, “Starting with tiles and sanitaryware, they deal in non-standard, local, unbranded supplies between local manufacturers and retailers in Tier-2,3,4 cities across India. These regions still struggle with access to broader catalogues of SKUs, broken fulfilment and lack of stable pricing along with quality assurance. Yojak’s full stack solution right from discovery to delivery accountability has got great traction in India and key export markets. This is the youngest team we have ever-backed and they have been exceptional in execution.”

Commenting on the investment, Gaurav Chaturvedi, Partner at Kae Capital said, “Building materials is a very large, unorganized, and non-digitized space. Retailers in Tier 2 & 3 cities/towns still struggle with access to broader catalogues, broken fulfillment, and lack of stable pricing. We believe that Yojak's approach of providing a full-stack product right from discovery to delivery is the best way to solve this industry in the long-term.”

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Published on: Tuesday, August 17, 2021, 10:50 AM IST
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement