B2B e-online marketplace IndiaMART on Thursday said it has invested about Rs 133.5 million via its wholly-owned subsidiary Tradezeal Online Pvt Ltd to acquire a 26.01 per cent stake in EasyEcom.
Edgewise Technologies – under the brand name ‘EasyEcom’ – offers AI-driven omnichannel inventory and warehouse management solutions to merchants. Its solutions allow merchants to allocate, track and reconcile inventory across various online and offline sales channels.
It also offers additional modules which automate other back office functions of merchants, such as shipping related payments reconciliation and returns reconciliation.
“This transaction is a part of IndiaMART’s ongoing efforts to make commerce easy for Indian merchants. Merchants across India have increasingly started to realise the importance of adopting various online sales channels, and the market in itself is large and fast-growing,” IndiaMART co-founder and Director Brijesh Kumar Agrawal said in a statement.
He added that EasyEcom’s solutions allow MSMEs to easily manage and sell products across various sales channels.
“We understand the tremendous potential of the company to cater to major ecommerce marketplaces. Moreover, this investment is aligned with IndiaMART’s long-term vision to provide a holistic ecosystem for all business needs,” he said.
Punit Gupta, CEO of EasyEcom, said COVID-19 transformed the entire retail market and accelerated the digital transformation of commerce.
“We rapidly ramped up the team during the COVID lockdown 1 and grew massive 300 per cent over the next 18 months. With this Series A funding of USD 2 million from IndiaMART, we are looking forward to becoming the best in terms of providing flawless, advanced and at the same time flexible omnichannel inventory and warehouse management solutions,” he added.
Funds will be deployed to further strengthen our technology and invest in marketing and expansion activities, Gupta said.
EasyEcom had raised an initial angel funding from entrepreneurs like Aneesh Reddy of Capillary Technologies and Ambarish Gupta of Knowlarity Communications. Subsequently, the company raised a growth-focused funding from an early-stage fund called Amistad Venture from the US.