New Delhi headquartered Stride Ventures said it has backed B2B marketplace Bulk MRO Industrial Supply in a debt funding round that could raise upto Rs 25 crore.
Bulk MRO is a full-stack technology platform that addresses global supply chain procurement needs. The company also runs a fintech platform Udhaar, which offers supply chain financing solutions to its customers and suppliers.
“Bulk MRO is growing exponentially in a market where the goalposts are constantly shifting. We need a partner that can adapt to the constantly changing landscape and provide financial solutions that will help us serve our customers better. Stride Ventures is a very nimble partner that brings to the table a tremendous network,” Gaurang Vijay Shah, co-founder of the Mumbai headquartered startup, said. He founded the company in 2015 with Devang Vijay Shah.
The company has earlier raised capital from seed money startup accelerator Y Combinator, private investment firm Bain Capital, global private equity group Ace & Company, and venture capital firms Rebright Partners and FJ Labs.
With over 5,000 brands and 1.5 million products on its platform, the firm serves enterprise clients, government agencies and healthcare networks. It also has a presence in the US.
Recently, amid the Covid-19 lockdown, the B2B marketplace offered access to products such as face masks, gowns, hazmat suits, gloves, sanitisers and medical equipment, a statement said.
“Even in tumultuous times, Bulk MRO has done a phenomenal job by not only swiftly acting and adapting to the situation at hand but also by contributing towards fighting the pandemic. The company addresses a simple yet rampant problem faced by businesses in India and they’re tapping into a huge opportunity,” Ishpreet Gandhi, managing partner and founder of Stride Ventures, said.
Set up in 2019, the investment firm provides debt solutions to growth stage startups. It has funded companies such as CredR, a used two-wheeler market place; LetsTransport, a logistics marketplace; and Stellapps, a dairy-tech firm. The company said it made the first close of its maiden fund in November 2019, with a final target corpus of $70.5 million.