WOGOM, a cloud-based marketplace for distributors and retailers focused on consumer electronics, on Tuesday (September 12) said it has raised $1.9 Mn funding from family offices and a few industry veterans.
In a statement, the startup said it raised the funding in two tranches and will use it for tech innovation and accelerating market expansion.
Founded in 2021 by Nirav Patel and Pranav Patel, WOGOM connects retailers in remote areas with distributors for sourcing consumer electronics, mobile phones and wearable devices. Currently, the startup operates in Gujarat.
Commenting on the funding round, cofounder and CEO Nirav Patel said, “The funding will be utilised strategically for further market expansion beyond Gujarat, investment in technology to ensure the platform is cutting-edge and supports the business vision, retailer financing, and logistics as we look to add more product categories.”
WOGOM claims it solves trade credit issues by providing finance against the goods being supplied, removing a key pain point for distributors. WOGOM said this model has worked well in Gujarat, where it has over 1,200 distributors and retailers registered on its platform.
WOGOM said it also aims to bring global brands to the Indian market which are not available in the market currently. This, it said, will help retailers grow their customer base due to the first-mover advantage and stock of unique products.
WOGOM competes with giants like Indiamart, Amazon Business, Udaan in the B2B marketplace.
According to Inc42’s State Of Indian Ecommerce Report Q3 2023, the Indian ecommerce sector attracted funding of $404 Mn in Q2 2023 in over 43 deals.
According to a study conducted by Bessemer Venture Partners, the Indian tech-enabled B2B marketplace market will reach a size of $200 Bn by 2030. It further revealed that 25% of Indian MSMEs are expected to transact on online marketplaces over the next four years.
The post WOGOM Bags Funding To Bridge Consumer Electronic Supply Chain Gap In Remote Areas appeared first on Inc42 Media.
