Biz365 raises funding of USD 200k from Innovana Thinklabs Limited
With an eye on expansion, Jaipur-based eCommerce platform Biz365 has raised a funding of USD 200k led by its early investor, Innovana Thinklabs Limited. The funds raised will be used for team expansion across key functions like product development, sales, marketing, and talent hiring to ensure long-term growth. The company is also eyeing to partner with educational institutions to train young entrepreneurs on ecommerce.
Speaking on the investment, Chandan Garg, Chairman & MD, Innovana Thinklabs Limited, “Businesses today know the importance of having an online presence, especially due to COVID-19. The behaviour of customers has also changed, as they have become more inclined towards shopping online. And, we are sure that the innovation and new technologies that Biz356 is bringing to the table will change the way the e-commerce industry works.”
Biz365 was co-founded in mid of 2021 by Aditya Kedia, Navaldeep Singh and Prateek Jain. It aims to empower every business to win in the emerging online market by providing the right tools to scale their business online. Their vision is to help millions of businesses that drive the economy to take their business online and run independently without the commission structure that prevails in the existing eCommerce market.
“Many existing businesses that have adopted Biz365 have completely transformed their way of business and now get regular online orders. Such stories keep us motivated to do better for their customers every single day. Close to 8000 businesses have registered to use its platform since the middle of 2021. We aim to expand the customer base to 150K websites in FY2022”, said Prateek Jain, co-founder and CEO.
“Rapid digitization of SMBs and deepening the e-commerce ecosystem are huge trends in India, and Biz365 is building a next-gen product that sits at the confluence of both these trends, integrating the entire commerce infrastructure onto one single platform”, said Aditya Kedia, co-founder and CTO.
Demand for ecommerce services – similar to that of Shopify Inc. – is rising as small businesses digitize to cater to the millions of shoppers that were driven online after the pandemic closed malls and retail outlets. e-commerce has transformed the way business is done in India. The Indian e-commerce market is expected to grow to US$ 111.40 billion by 2025 from US$ 46.2 billion as of 2020. By 2030, it is expected to reach US$ 350 billion.
According to Grant Thornton, e-commerce in India is expected to be worth US$ 188 billion by 2025.
