Bidso, a tech-enabled sourcing platform for manufacturers, has raised $1.5 million in a seed round led by PeerCapital. The round also saw participation from angel investors such as Mohit Sadaani, Nishit Garg, OfBusiness Founders Saurabh Jain and Rohan Bhargava, and Livspace CEO Anuj Srivastava.
Bidso will use the funds to expand its team, develop its platform, and enter new markets. The company plans to hire for key positions in sales, marketing, and engineering. It will also use the funds to develop new features for its platform, such as a supplier rating system and a procurement dashboard.
Bidso was founded in 2022 by Vivek Singhal and Ashish Agarwal. The company helps manufacturers find suppliers for raw materials, components, and services. Bidso’s platform uses artificial intelligence to match manufacturers with suppliers that meet their specific needs.
The company is currently active in India and the United States. It plans to expand to other markets in the coming months.
The funding round is a sign of the growing demand for tech-enabled sourcing platforms. Manufacturers are increasingly looking for ways to streamline their procurement processes and reduce costs. Bidso’s platform is well-positioned to capitalize on this trend.
The company has already seen strong demand from manufacturers. In the past six months, Bidso has onboarded over 100 manufacturers and has helped them source over $1 million worth of goods and services.
Bidso is a promising startup with a strong team and a clear vision. The company is well-positioned to grow rapidly in the coming years.