Stride Ventures, a Delhi-based investment firm that provides hands on support to startups for their financing requirements complimenting the equity raise, announced that it has led a debt round of about Rs 25 crore in Bulk MRO, a full-stack B2B platform for industrial supplies. The venture fund has also partnered with one of India’s leading banks for the deal.
Other investors in the startup include Y Combinator, Bain Capital, Ace & Company, Rebright Partners, and FJ Labs.
Commenting on the investment, Ishpreet Gandhi, Managing Partner, Stride Ventures, said, “Even in tumultuous times, Bulk MRO has done a phenomenal job by not only swiftly acting and adapting to the situation at hand but also by contributing towards fighting the pandemic. The startup addresses a simple yet, a rampant problem faced by businesses in India, and they’re tapping into a huge opportunity.”
Bulk MRO, which was founded in 2015 by Gaurang Shah and Devang Shah, is a technology platform that enables the supply chain procurement needs of its customers and suppliers globally. It has aggregated more than 5,000 brands and 1.5 million products on its platform. It also runs a fintech platform, Bulk Udhaar, which offers supply chain financing solutions to its customers and suppliers.
Bulk MRO caters to large corporate customers that procure MRO (maintenance, repair, and operations) products in high volume. The startup said it supplies products that are usually categorised under ‘indirect spends,’ ‘category C spends,’ or ‘miscellaneous spends’ in its finances. This includes products across hardware, tools, electricals, and office supplies. Apart from India, Bulk MRO also has a presence in the United States.
The firm currently serves enterprise clients, including various Fortune 500 companies, government agencies, and healthcare networks. The B2B marketplace has helped provide a range of medical products, including masks, gowns, hazmat suits, gloves, sanitisers, and various medical equipment during the lockdown.
Gaurang Shah, Co-founder, Bulk MRO, said, “Bulk MRO is growing exponentially in a market where the goalposts are constantly shifting. We need a partner that can adapt to the constantly changing landscape and provide financial solutions that will help us serve our customers better. Stride Ventures is a very nimble partner that brings to the table a tremendous network, creativity, and capability of high-speed execution that is unparalleled.”
Stride Ventures had previously announced fresh investments into CredR, a used two-wheeler market place; LetsTransport, a logistics marketplace; and a second investment in Stellapps, a dairy-tech firm. The fund announced the first close of its maiden fund in November 2019.
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