Tech-Enabled Sourcing Platform Bidso Secures $1.5 Million Funding The funds raised will be primarily allocated towards expanding geographies and demand channels, enhancing Bidso's curated network of manufacturers, and building out the technology stack
By Teena Jose
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Bidso, a technology-led product procurement platform, has raised $1.5 million in a funding round led by PeerCapital with a $1.2 million investment as part of the seed round; a pre-seed amount 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 respectively.
As per the company, the funds raised will be primarily allocated towards expanding geographies and demand channels, enhancing Bidso's curated network of manufacturers, and building out the technology stack, including a Quality adherence module for manufacturers and a product configuration engine for buyers.
"We are glad to have found support in PeerCapital along with other investors who have been our early believers from Day Zero. Their expertise in understanding the challenges that accompany the setup of the B2B supply chain vertical will immensely benefit our journey. With the funds raised, we aim to double down 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.
Bidso offers a full-stack solution for brand sourcing, from product discovery to supplier discovery to value discovery and fulfilment. The platform also empowers businesses to streamline their sourcing processes and unlock the true potential of contract manufacturing through our innovative tech platform.
Moreover, the company said that it will contribute towards the Make in India initiative by driving demand and improving the capabilities of Indian SME manufacturers.
"Through our investment in Bidso, a remarkable tech-enabled platform connecting manufacturers to brands, we are empowering businesses to optimize their supply chains like never before. Bidso's innovative solutions unlock efficiency, transparency, and cost savings, propelling brands towards success. We are thrilled to support Bidso's transformative journey, revolutionizing the way brands source and grow in today's dynamic market," said Ankur Pahwa, managing partner at PeerCapital.
