Just Buy Live Enterprise Pvt. Ltd, an e-distributor that connects shopkeepers with consumer brands, has raised $100 million (Rs 640 crore) in Series B funding from Dubai-based investment banking firm Ali Cloud Investment, it said on Thursday.
The Mumbai-based company will use the funds to expand into international markets with high density of small enterprises and fragmented distribution, and to consolidate and grow Indian operations, it said.
SM Ali, chairman of Ali Cloud, said in a statement, “Just Buy Live is now ready for global expansion...we will quickly move to enter new markets with strong local partners.”
VCCircle had reported in September 2016, citing Just Buy Live chairman and CEO Sahil Sani, that the company was seeking to raise $30-50 million and looking to hire an investment banker to tap financial and strategic investors. It had raised $20 million (around Rs 136 crore then) in Series A funding from Alpha Capital in January 2016.
Launched in March 2015, Just Buy Live follows a brand-to-retail business model wherein retailers buy goods directly from brands. It has aggregated brands such as Apple, Xiaomi, Samsung, Micromax, YU Mobiles, Oppo, Patanjali, ITC, P&G, Unilever, Coca-Cola, Pepsico, Amul and Nestlé on a single platform.
The Just Buy app is used by retail outlets, from paanwallas and kiranas to supermarkets, chemists, mobile stores and electronic shops. As of September 2016, the app hosted over 5 lakh products from 2,600 brands across categories such as food, personal care, auto, mobile, tech, home, stationery and others.
The company was founded and is majority-owned by Sani and Bharat Balachandran. Sani, who is also chairman of Sahil International (channel partner to global audio and infotainment giant Harman International), had seed-funded Just Buy Live by investing $5 million in his personal capacity.
Prior to co-founding the startup, Balachandran was involved in the distribution of banking and financial services industry products.