Funding in E-Commerce Startup: WOGOM, the distributor and retailer ecosystem-supporting cloud-based B2B e-commerce platform, announced raising $1.19 million so far from family offices and a few early-stage investors and industry veterans. WOGOM has raised the funding in two tranches- $600,000 a couple of months earlier, and $1.3 million recently. The company operates in India and focuses on consumer electronics and mobile phone categories.
Nirav Patel, Founder & CEO, of WOGOM, said, “Family office investing further validates the business model and the unique challenge we are trying to solve that benefits the entire ecosystem. The team is truly inspired by their vote of confidence and looks forward to scaling the venture in the months to come. The funding will be utilized strategically for further market expansion beyond Gujarat, investment in technology to ensure the platform is cutting-edge and supports the business vision, retailer financing, and logistics as we look to add more product categories.”
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Wogom works as a B2B e-commerce platform, helping dealers expand their sales and solve trade credit issues. The platform takes risks on behalf of retailers by providing finance against the goods being supplied. It provides services to 2100 dealers/distributors across the registered districts of Gujarat. Wogom plans to expand its reach beyond Gujarat, and venture in the other states.
A recent report by venture capital private equity firm Bessemer Venture Partners titled “The Emergence of B2B Marketplaces in India” states that India’s Business-to-Business (B2B) online marketplace will be a $200 billion opportunity by 2030.
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The report said multiple factors such as increased digital adoption by businesses, mature digital infrastructure on the back of digital payments, ONDC, OCEN, GST; favourable regulatory policies through the introduction of GST, e-way bill, TReDS; and a conducive cross-border environment would help the Indian online B2B marketplace grow.