US-based e-commerce management firm Assiduus Global LLC on Wednesday said it has raised $1 million (Rs 7.34 crore) as part of the Series A funding round of its India arm Assiduus Distribution Pvt Ltd.
The funds were raised from venture capital firm K Partners and a few high net-worth individuals (HNIs), said Assiduus in a statement.
Somdutta Singh, founder of Assiduus Group, said that the funding will help the company to develop stronger products and expand to key markets. She also said that part of the funds will be used to upgrade technology.
According to her LinkedIn profile, Singh is also director and CEO of US-based IRA Fashion LLC and founder and CEO of Bengaluru-based Unspun Consulting Group.
Assiduus Global helps companies grow and scale their brand on various e-commerce platforms by becoming their global distribution and supply chain partner.
It also owns brands such as Irotica, a brand for maternity lingerie for women. It is in the process of launching health and nutrition supplements for children and beauty and wellness supplements for women.
There have been a few deals in the e-commerce management space in the past few years.
Last year, US-based Amistad Ventures invested in EasyEcom, whose omni-channel solution helps companies sell on multiple platforms.
Also in 2019, Singapore-based e-commerce enabler Shopmatic Pte. Ltd said it had merged with Octopus Retail Management Pte. Ltd to create a single entity that will offer omni-channel offerings for small and medium enterprises (SMEs).
Meanwhile, startups solely focused on nutrition and wellness have attracted a slew of investments in the past few months.
For instance, last month Habbit Health and Nutrition Pvt. Ltd raised a pre-seed funding round led by early-stage venture capital firm 3one4 Capital and Utsav Somani of investment crowdfunding platform AngelList India.
Ripsey, OZiva and Power Gummies also received funding earlier this year.