Industrybuying, an online marketplace for businesses, has raised Rs 12 crore ($2 million) venture debt from BlackSoil Capital Pvt. Ltd, said the non-banking financial arm of asset management company BlackSoil Group.
The marketplace, operated by Emtex Engineering Pvt. Ltd, facilitates online booking and delivery of industrial materials, tools and metals.
Swati Gupta, chief executive officer at Industrybuying, said the debt would help the company scale up further and take care of its working capital requirements on account of rising orders from blue-chip clients.
“Industrybuying has done a great job in delivering diverse products efficiently while removing middlemen to improve earnings and margins,” said Ankur Bansal, director at BlackSoil Capital.
Industrybuying was founded in 2013 by Swati Gupta and brother Rahul.
Till December 2016, the company had raised $18.8 million equity funding in three rounds from SAIF Partners, Kalaari Capital, Beenext Pte. and family members of Murugappa Group as well as TVS Group, and others, according to VCCEdge, the data research platform of VCCircle. In January 2016, the firm raised $2.12 million debt from Trifecta Capital, going by the data platform.
BlackSoil Capital has closed 20 deals worth Rs 170 crore covering venture and structured debt since beginning operations in July 2016, said the firm.
BlackSoil Capital is promoted by family offices of Shashi Kiran Shetty, promoter of AllCargo Logistics; Gala Group, promoter of Navneet Education Ltd; and Mumbai-based realty expert Virendra Gala.
In November 2017, it had given working capital loans worth Rs 5 crore ($771,978) to three companies: Logistics startup GoBolt, marketing automation startup WebEngage, and weight management services firm Truweight.