The funds will be used for scaling innovations, strengthening delivery mechanisms, and expanding key accounts.
“We have key accounts or key customers in our portfolio, and we will focus on growing these accounts by helping them expand in India and across markets. The second focus area is what we call category management, which primarily involves leveraging artificial intelligence (AI) and machine learning (ML) to drive growth,” Lalit Bhise, chief executive of Bizom told ET.
Bizom’s vertical software-as-a-service (SaaS) platform aims to improve sales efficiency, streamline product distribution, and strengthen retailer-brand relationships.
Currently, it serves more than 600 consumer brands from industries such as CPG, dairy, and FMCG across over 30 countries.
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According to Bhise, India’s offline retail sector is grappling with the challenges posed by the rise of quick commerce, which is affecting traditional mom-and-pop stores.“Our job is to digitally empower these stores with the best system technologies, enabling them not only to compete but also to establish themselves in an ecosystem where consumers are increasingly moving online,” he said.
This year, the company will be touching about Rs 100 crore in revenue and aims to double it every year going forward.
“We’ve been growing rapidly over the last few years, especially since Covid, which was a tipping point. It led to large enterprises in India and other emerging markets starting to believe in and invest more in this technology to manage the offline ecosystem,” he added.
Commenting on the investment, Srikanth Tanikella, managing partner at Pavestone, said, “Their platform is trusted by several FMCG enterprises and empowers them to drive growth by streamlining distribution and enabling faster insights into the market.”
On November 14, ET reported that Pavestone made the final close of its Pavestone Technology Fund, securing a total corpus of Rs 816 crore. Through this fund, Pavestone plans to invest in 14-15 early growth stage business-to-business (B2B) technology companies with an average cheque size of $5-10 million.
“The digital transformation of India’s consumption landscape is accelerating, and Bizom is perfectly positioned to lead this revolution in retail distribution,” said Dinesh Agarwal, founder and chief executive of IndiaMart InterMesh Limited.
