New Delhi, Aug 17: Gurugram-based B2B marketplace Yojak on Tuesday said it has raised USD 3.8 million (about Rs 28.2 crore) in funding, led by Info Edge Ventures.
The pre-series A round also saw participation from existing investors, Kae Capital and angel investor, Arun Venkatachallam, a statement said.
Foundamental, founders of B2B startups such as Zetwerk, MedikaBazaar, Bizongo and Blackbuck, as well as angel investors such as Anupam Mittal and Sanjiv Rangrass also participated in the round, it added.
The fresh funds will be used to build teams across tech and non-tech roles, develop new tech solutions and expand into new markets and categories, the company said.
Founded in 2019, Yojak is a marketplace for building materials that is digitising the supply chain with tech solutions. The company aims to build an end-to-end platform right from discovery to delivery, while also solving for micro fulfilment and logistics.
Over the last 12 months, the company has also made in-roads into markets of both developed and emerging economies with a focus on building strong brands in export markets across European Union, America and the Middle East, the statement said.
“… There is a significant gap in the building materials supply chain with most businesses relying on traditional means for supply of materials, resulting in limited accessibility. Due to poor demand predictability small manufacturers also struggle with inefficiency in inventory cost as well as an inefficiency in manufacturing overheads,” Yojak founder Rachit Garg said.
Kitty Agarwal, Partner at Info Edge Ventures, said Yojak has been able to tech-enable an inefficient and opaque ecosystem of manufacturers, wholesalers and small retailers in the building materials supply chain.
“Starting with tiles and sanitaryware, they deal in non-standard, local, unbranded supplies between local manufacturers and retailers in tier-II, III and IV cities across India. These regions still struggle with access to broader catalogues of SKUs, broken fulfilment and lack of stable pricing along with quality assurance,” Agarwal said.
Yojak’s full stack solution right from discovery to delivery accountability has got great traction in India and key export markets, Agarwal said adding that this is the youngest team Info Edge Ventures has ever backed. (PTI)
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