Online marketplace for small and medium businesses, Indiamart, has raised a new round of funding from Amadeus Capital Partners. The amount of the funding is yet to disclosed. Indiamart has revealed that it will be using the funding primarily for scaling up its operations.
Others participants of the company’s series-C fundraising round includes Westbridge Capital, Accion Frontier Inclusion Fund and their existing investor Intel Capital. For the first time, technology investor Amadeus has invested in an Indian firm.
As per Indiamart, it will be using the money to strengthen its leadership position in the online B2B retail segment by scaling up Indiamart.com and its subsidiary Tolexo.com.
Indiamart started its operations on the lines of China’s Alibaba. Alibaba has already forayed into B2B and B2C online commerce space and scaled up to become the world’s largest online seller but Indiamart confined itself to matching buyers and sellers.
Amadeus Capital Partners was founded in 1997 and it has made more than 90 investments in industries like communications and networking, software and e-commerce amounting to more than $1 billion in cumulative commitments.