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    Indiamart raises funds from Amadeus Capital Partners, others

    Synopsis

    Indiamart said it will use the money to strengthen its leadership position in the online business-to-business retail segment by scaling up Indiamart.com and its subsidiary Tolexo.com.

    ET Bureau
    AHMEDABAD: Indiamart, an online marketplace for small and medium businesses, has raised an undisclosed amount in funding led by Amadeus Capital Partners that it will use primarily to scale up its operations.

    Westbridge Capital, Accion Frontier Inclusion Fund and existing investor Intel Capital also invested in the company’s series-C fundraising round. For technology investor Amadeus, this is its first investment in an Indian firm.

    Indiamart said it will use the money to strengthen its leadership position in the online business-to-business retail segment by scaling up Indiamart.com and its subsidiary Tolexo.com.

    The Indian B2B sector is set to grow by 2.5 times and touch $700 billion by 2020, Indiamart chief executive Dinesh Agarwal said in a statement.
    “By providing much-needed commerce, financing and payment solutions to India’s (medium, small and micro enterprises), Indiamart can address the key bottlenecks that impair small businesses’ access to both resources and capital,” said Ganesh Rengaswamy, a partner at Quona Capital, the investment manager of Accion Frontier.
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