Cross-Border B2B Marketplace Ensologic Raises $0.52 M From IAN
The Delhi-based startup, founded in 2019, aims to utilize the newly raised investment for technology enhancement and supply building. The startup will also focus on the growth of retailers coming onboard and retaining them
Ensologic, a cross-border B2B platform, has raised USD 520 K / half a million in a seed funding round led by Indian Angel Network (IAN) and Hyderabad Angels. The round was led by angel investors Hirren Turakhia, Ajay Upadhyaya, and Bikky Khosla of IAN. The Delhi-based startup, founded in 2019, aims to utilize the newly raised investment for technology enhancement and supply building. The startup will also focus on the growth of retailers coming onboard and retaining them.
Ensologic enables overseas brands/manufacturers/aggregators to launch their products in India. The platform leverages technology to seamlessly help 15 million Indian retailers buy consumer products directly from international suppliers.
Given the supply scarcity of global products among Indian retailers, Anil Agrawal along with Shikha Agrawal and Kunal Jain conceptualised Ensologic to provide infrastructure and logistics services, besides technology tools. The move aims to simplify sales and distribution of consumer products in India. Furthermore, the company is committed to building a vast network of suppliers and distributors using the platform to sell to both online and offline consumers across India.
Anil Agrawal, Founder, Ensologic, said, “The Indian retail segment is mainly unorganized, and the key to improving it is digitization, enhancing shopping experiences, and access to a wider range of products. In line with this, Ensologic intends to organize the sector by providing retailers direct access to millions of exclusive global products. With this funding, we aim to expand our team and enhance our tech layers to manage quality assurance payments, procurement, and services.”
Commenting on the fundraise, Hirren Turakhia, Lead Investor at IAN, said, “India’s unorganized retail sector needs a vertical solution, and the passionate team at Ensologic understands that. The one-of-its-kind online platform is working towards eliminating import-export pain points by providing scalability and flexibility to Retailers on high-demand SKUs irrespective of order size while providing 360-degree visibility. We are delighted to have associated with a trailblazing company that is foreseeing the market's future and is committed to making it better.”
Ramana Gupta, Lead Investor at Hyderabad Angels, said, “With E-Commerce going strong, we are still seeing gaps in cross border businesses namely 1) removing middlemen and 2) direct payment from retailers to manufacturers. The Ensologic team headed by Anil has a spent considerable amount of time learning this art before raising this first round of money. He has met, HA Thesis of Fostering Entrepreneurship before investing. We hope this association with Ensologic will pave a new way of dealing with the cross broader transaction and give a unique product experience to Indian Retailers and consumers by using latest technology meeting all the Regulations and overcoming few risks.”
Ankul Maheshwari, Founder, CENSIE Capital Partners, added "We are very excited about Ensologic that is solving for millions of small Indian retailers and enabling them to directly import international goods in a small volume making it viable for them, CENSIE was the exclusive financial advisor to Ensologic for this investment round."