Mumbai-based enterprise software-as-a-service startup Bnext has raised around ₹2.2 crores ($300,000) from an angel investor. The identity of the investor remains undisclosed. This fundraising marks the first investment round for the startup.
The funds raised will be used for product development, sales and marketing, in order to build initial traction.
While the angel investor remains unnamed, the startup counts Ramanathan Hariharan, CEO of Landmark Group, Renuka Ramnath, Ashish Jhalani, Founder and CEO of Indian School of eBusiness (ISeB), and Harish Singla, SVP of Digital Products at HDFC Bank, among its investors and advisors.
Bnext was founded by Dipti Singla, along with Sriram Subramanian in January 2018. The startup provides a wholesale distribution platform for brands, distributors, retailers, in order to help them expand their outreach and generate higher revenues.
It is integrated with the social media and messaging platforms to expand outreach, along with providing powerful tools to the sales team, to boost sales, and it also offers a way to digitize catalogue to be shared with other distributors and retailers.
Other Saas-based startups enabling business in India include Hotellogix, Chargebee, Agile CRM, HappyFox, and Unbxd, among others.
Last month, SaaS startup CloudCherry raised ₹65 crores in series A funding round. In March 2018, SaaS provider Hotellogix had raised $5 million in a funding round led by Vertex Ventures.
Bnext joins a number of SaaS startups that have got funding this year. In July, US- and India-based SaaS and technology company TheCapitalNet, Inc. had raised $500,000 (Rs 3.4 crore then) in seed funding. Other SaaS startups that got funding this year include Trilyo, which provides artificial intelligence-based SaaS solutions for business-to-business e-commerce clients in the hospitality sector, and US- and India-based Paperflite.