BizzTM Raises $1.2 Million In Seed Round The funds will be utilized to expand the brand's presence across 100 new cities in India
By Shrabona Ghosh •
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BizzTM has raised $1.2 million in a Seed round led by 2am VC, Axilor, marquee angel investors, among others.
The brand will leverage the freshly infused capital to further expand its presence in 100 new cities across northern regions of India, while adding innovative categories, onboarding cutting-edge technology and improving existing supply chain infrastructure.
"We are thrilled to have such prominent investors supporting our entrepreneurial journey. Leveraging this funding, we will continue to work on our end goal, creating a seamless and cost-effective digital e-commerce system accompanied by a smooth delivery process. At present, the Indian retail ecosystem is swiftly adapting to digital adoption. In fact, more than 90 per cent of retailers are now using social media applications to provide a more enhanced and interactive consumer experience. However, these retailers suffer from an inept supply-chain process and expensive costs, thereby earning the lowest margins worldwide. We aim to build smooth supply-chain operations on the back of modernistic technology and enabling retailers to maximize their profits," said Amit Sharma and Siddharth Biyani, co-founders of BizzTM, in a joint statement.
"Considering the fast-moving growth of the e-commerce market, it is safe to assume that the future belongs to them. However, even today, there is a huge need for comprehensive e-commerce methodologies, cost-effective delivery processes and competent supply-chain processes for new-age retailers and debutants trying to earn maximum profits. At such a juncture, BizzTM has paved the way forward for many big and small enterprises, retail startups. We have high hopes from this spectacular startup and plan to support their fruitful journey throughout," Hershel Mehta and Brendan Rogers, founders and partners at 2am VC, said in the joint statement.
BizzTM has witnessed a robust adoption from small and upcoming retail stores. The brand has recorded 10 times growth by selling over two million products in less than a year. Owing to the current hypergrowth scaling, the BizzTM aspires to onboard at least one lakh retailers and clock over INR 100 crore gross merchandise value (GMV) by the end of next year, added the statement.
