Devesh Rai, Founder and CEO of Wydr.in
Devesh Rai, Founder and CEO of Wydr.in
Wydr.in, India’s largest wholesale marketplace, today announced that it has raised a fresh round of funding from its existing investors. The company plans to utilize the fresh round of capital to strengthen its seller base, set up pan-India offices and further strengthen its Product and Technology to penetrate deeper in the Indian wholesale market.
Wydr.in had earlier raised funding from Bessemer Venture Partners, Stellaris Venture Partners, Axis Capital, Singapore and Jungle Venture Partners in November 2016.
Commenting on this fresh round of funding, Devesh Rai, Founder and CEO of Wydr.in said, "With over 1.2 million downloads, our belief that there is a market need for a platform that allows manufacturers, wholesalers and retailers to connect and transact directly and safely has been validated. On the seller side, large manufacturers from key hubs across the country are already on Wydr.in platform. We have also got great response from new brands wanting to enter the market. We are working with brands to explore new ways of partnering and creating distribution inroads to every corner of the country.”
Wydr.in is a B2B app-based marketplace for retailers and wholesalers to buy directly from distributors and manufacturers. Retailers in over 2,000 cities across India have sourced products at wholesale prices in categories like fashion, home, automotive and electronics directly from manufacturing and trading hubs; including Surat, Jaipur, Agra and New Delhi.
Wydr.in allows buyers to connect with sellers on WydrChat to customize their requirements, negotiate prices and instantly close deals. It gives the users the feel and experience of a real wholesale market, without the troubles of visiting the market. Buyers can also claim Input Tax Credit under the GST regime. In tune with the needs of the retailers and local wholesalers, buying on the platform is enabled in various size and color assortments, slab-based pricing and other features.
Devesh added, “Our vision is to make wholesale buying easier, transparent and efficient for both retailers and manufacturers across India through Wydr.in platform. We have been able to solve several key problems of wholesale trade. Retailers no longer have to worry about logistics, price competitiveness, variety and traveling to multiple cities to procure products. Both retailers and sellers understand the edge they are getting and have shown immense trust in the ease of trade that Wydr.in has introduced.”
India is a $600 billion retail market, out of which $400 billion is the unorganized, fragmented wholesale market.
Wydr.in has made remarkable contributions to bridging the gap between the wholesale markets across the country. It has provided retailers a platform to know and understand wholesalers and manufacturers from across the nation and build long-term business relationships with them.
