UK’s Amadeus leads Series C round for IndiaMART

Financial details of the investment were not disclosed. The capital will be used to scale up the company and its e-commerce portal Tolexo, according to a statement. Other investors in the round included Westbridge Capital, Accion Frontier Inclusion Fund and Intel Capital.

Bhavani Rana, who led the investment on behalf of Amadeus, identified IndiaMART as the country's most successful company in the B2B classifieds sector, emphasizing important growth potential through local micro, small and medium enterprises (MSME). "The investment fits Amadeus' strategy of backing entrepreneurs benefiting from increased penetration of digital technology in emerging markets," he said. "As MSMEs in India increasingly come online, IndiaMART offers buyers a trusted platform and tools to search from over 30 million products and connect with reliable competitive suppliers. Through its subsidiary Tolexo, IndiaMART is able to utilize data to help consummate transactions within the platform."

India's MSMEs represent 58 million businesses and are estimated to account for 45% of the country's industrial output. IndiaMART is expected to benefit from growth in this segment by operating as the intersection of commerce, payments and finance. The plan is to create a comprehensive platform for MSMEs and a vital resource for the country's entrepreneurs.

Amadeus' involvement in Indian commerce follows the VC firm's opening of an office in the country in 2015, after it flagged the local market as being particularly mature in the online services space. Since its inception in 1997, the firm has supported more than 90 young companies.

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• Topics
• South Asia
• Consumer
• Expansion
• Technology
• India
• TMT