Bengaluru-based Mobisy, a retail technology solutions provider for consumer companies, has raised a second round of venture capital funding of $3.5 million (₹24 crore) led by SIDBI Venture Capital Ltd (SVCL).

The company said that Ojas Partners (Mobisy’s investor in an earlier round), Triton Investment Advisors and some individuals also participated in this round.

Lastaki Advisors, advised Mobisy on this deal.

In a statement, Lalit Bhise, co-founder and CEO, Mobisy, said: “We are thrilled to join hands with SVCL, one of India’s oldest and most respected growth partners for SMEs.

“We look forward to leveraging their industry experience to penetrate deeper into our market and solve sales and distribution problems for consumer goods companies and their partners in India and abroad.”

He said that these funds will be used by the company for research and development and expansion through an intensified sales and marketing push.

The company currently enables orders from over 5 million retail outlets.

Sajit Kumar , Senior Vice-President, SVCL added , “ We believe that Mobisy’s real-time insight-driven solutions for our country’s consumer goods retail ecosystem have the potential to streamline what is currently a very high-touch, inefficient system.

“We were particularly impressed by the team’s passion to create products that bring the benefits of digitization to people who may otherwise have remained on the margins of Digital India – small kirana store owners, distributors and small & medium consumer goods brands.”

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