MonotaRO will pick up majority stake in the joint venture with Industrybuying, which will concentrate only on the small business supply segment, the large enterprise supply business will continue to be run by Industrybuying
Japanese business-to-business ecommerce company MonotaRO is set to invest $15 million in a joint venture with Emtex Engineering, the holding company for Industrybuying.
The joint venture will only include Indusybuying’s small and medium enterprise business and the company’s large enterprise supply business will continue to function independently, the company said in a press note on September 25.
MonotaRO had first announced the deal in the Tokyo Stock Exchange on September 23.
TechCircle in a report said through the deal, MonotaRO will pick up 51.6 per cent stake in the joint venture with Industrybuying.
In the press note, the Gurugram-based startup said this deal will help Industrybuying access global expertise and infrastructure in this business.
Further, it said with the expertise and catalogue of more than 10 million products, it can propel the India business into a highly profitable growth trajectory which could eventually lead to a successful IPO in a short time.
Industrybuying is backed by large VCs like Beenext, Saif Partners, Kalaari Capital and others. Founded in 2013 by Swati Gupta and Rahul Gupta, the platform sells industrial products online for large businesses operating across 40 categories of products.
First Published on Sep 25, 2020 06:48 pm