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In line with the trend of large industrial houses investing in start-ups, the next generation of the Murugappa and TVS families, two leading Chennai-headquartered family-owned businesses, have invested an undisclosed amount in Industrybuying.com, a leading e-commerce B2B platform.
Vellayan Subbiah, Managing Director, Chola Finance; Muthu Murugappan, Business Head – Nutraceuticals, EID Parry; Arun Venkatachalam, angel investor; and Arathi Krishna, Joint Managing Director, Sundram Fasteners, have participated in this round of fund raise. Industrybuying.com will use the money to develop the platform, establish a nation-wide sales force, increase vendor base and develop a full suite of digital offerings for B2B brands.
This investment underlines the trend of family-owned businesses emerging as investors. Arun has previously financed start-ups such as ZoomCar, Firstouch Mobile, Autolotto and Posist.
Swati Gupta, co-founder, Industrybuying.com, says the company is working towards creating a robust technology back-end and a large ecosystem of vendors to help eliminate the pain-points of buyers.
Industrybuying.com, which sells industrial products to SMEs and large buyers, has over 15,000 registered SMEs shopping from the portal.
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