Top 10 Leading B2B E-commerce Startups in India in 2024

India’s Department for Promotion of Industry and Internal Trade posted that India is home to over 1.4 lakh startups. Some of these are startups in the B2B and D2C e-commerce sectors. The digital usage is growing in India making online platforms play an important role in transforming businesses and consumers’ engagement in online commerce.

These startups use advanced and cutting-edge technologies like artificial intelligence and automation to offer innovative business models. The companies are introducing a seamless online shopping experience following a shift toward a digital-first economy. Indian e-commerce market saw remarkable growth, with an increasing number of new firms dedicated to making online transactions easy, more personalized, and accessible to businesses.

India’s e-commerce market

The market research showed that the Indian e-commerce market is increasing rapidly. According to Deloitte the e-commerce sector is expected to grow at a CAGR of 21 percent to 325 billion USD in the next six years. The e-commerce sector saw increased investor interest across India this year. The data intelligence platform, Tracxn mentioned that there are around 2,235 B2B e-commerce startups in India. In this article, we have talked about some of the top 10 B2B e-commerce startups that enable India to shape the future of digital commerce.

IndiaMART

IndiaMart is an online e-commerce platform offering multi-category products. The startup allows users to sell products across various categories including fashion, industrial supplies, electronics, hospitality, and pharmaceutical medicines. The online platform also provides a feature to discover products, resellers, buyers, wholesalers, and manufacturers.

The Noida-based startup has secured over 37.2 million USD across five funding rounds since its inception, including $1.74 million raised during its series C funding round from Amadeus Capital, Accion, and others. The company receives investments from Intel, Accion, and Amadeus Capital. The e-commerce startup faces competition from other companies in the same segment such as Solv, Moglix, and Udaan.

Moglix

The startup provides an online marketplace offering industrial goods. The company offers a wide range of product portfolios including hand tools, power tools, spanners, screwdrivers, CCTV Cameras, switches, and circuit breakers. The startup uses advanced technologies to provide personalized recommendations to the users looking for some particular product. The company supplies products in other categories including medical, lab, garden decorations, and automotive supplies.

The company has secured around $471 million across multiple funding rounds. This includes the recent series F funding round led by Alpha Wave Global, Ward Ferry, and Tiger Global management. During this round, the firm secured $250 million at a post-money valuation of $2.46 billion. The company has investors including Accel and competes with startups like IndiaMart.

OfBusiness

OfBusiness is an online platform offering a variety of industrial materials for business. The platform serves as a window for small and medium enterprises. The company offers raw material procurement and credit or financial requirements across the infrastructure or manufacturing sector. The firm offers products including steel, polymers, TMT, cement, chemicals, and building materials. 

The company has secured around 758 million USD across all its funding rounds, including $660k raised during its series G funding round from VR Sikka Consulting. The company has investors including Softbank Group, Alpha Wave Global, Creation Investments, and Tiger Global Management. OfBusiness faces competition from companies including Emergent Global Edu and services, Poer2SME, and NowPurchase.

Shiprocket

Shiproclet provides e-commerce logistics and shipping software solutions. The B2B e-commerce startup uses a machine learning-based data engine to produce shipping labels, suggest courier services, and track orders. The company aims to enable customers to manage and track orders across several marketplaces with order upload using AWD tracking numbers, mobile numbers, or order IDs. The online platform provides features like managing orders, shipping rate calculators, and order tracking.

The Gurugram-based startup offers its services across the SaaS, and B2B space in the logistics and transportation sector. The company has raised around 323 million USD across twelve funding rounds since its inception. Shiprocket raised $11 million from Afos in its series E funding round. The company competes with other e-commerce fulfillment solution providers such as Unicommerce, Increff, and ShipBob.

Infra Market

The e-commerce startup Infra Market offers an online platform providing construction materials. The startup provides users with a place to search using materials such as ready-mix concrete, construction chemicals, cement, and aggregate. Infra market also offers mobile applications for clients to visualize the material from the purchase to the time of delivery. The platform also allows users to set up reminders for repeated orders, cloud manufacturing, making payments online, storing, and generating invoices.

The Infra market has raised around 556 million USD across multiple funding rounds since its inception in 2016, including a $9 million investment from Innoven Capital during its conventional debt funding round. The company competes with other construction materials procurement platforms including BuildSupply, ArisInfra, and YouKraft.

Waycool

WayCool is a supply chain solution provider for agribusiness. The e-commerce platform serves across the food, agriculture tech, and retail market segments. The company supplies staples, vegetables, fruits, and dairy products through its online platform. This startup also offers farming, logistics, and distribution solutions. WayCool provides private-label packaging and a supply chain.  

The company uses cutting-edge technologies and offers the best solutions to its customers. The Chennai-based startup secured 341 million USD to date, including the conventional debt round of 11.9 million USD led by Anicut Capital. It faces competition from other e-commerce platforms in agribusiness like NinjaCart, Bijak, and FarMart.

Bizongo

Artificial Intelligence-based vendor digitization, procurement, and supply chain financing solutions offering platform Bizzongo is one of the leading B2B e-commerce companies. The startup develops solutions for e-commerce businesses and serves various industries including textile, packaging, and apparel. Bizongo offers its users an online platform providing digital vendor management, supply chain financing, purchase order management, and packaging sourcing.

The company secured $50 million in its series E funding round from British International Investment and Schroders Capital with the participation of other investors to expand its services and aim for market expansion. The startup has raised over 253 million USD across all funding rounds since its inception. The e-commerce platform faces competition from similar platforms such as Sage Group, Fleetco, and Coupa.

Zetwerk

Zetwek provides an online B2B marketplace for manufacturing services. The platform operates across various sectors including aircraft engines, mining equipment, medical, and apparel. The company offers an online platform to connect equipment manufacturing firms with customers for custom-made components. The company provides investment casting, fabrication, and sand casting.

The startup has secured around 698 million USD in several funding rounds since its inception, including $20 million raised from Wheelhouse Ventures and other investors in its series F funding round. The company faces competition from Venwiz, Binjis, and Fashinza.

Apnaklub

This B2B e-commerce startup develops app-based procurement and distribution solutions for local wholesale businesses. The platform allows users to set up their own wholesale and retail businesses by providing FMCG products from various brands with benefits. The firm also offers delivery services.  The startup has investors including Encourage Capital and Tiger Global Management. 

The company has raised around 29.3 million USD in funding across multiple rounds. The startup recently secured 4.27 million USD from its Flourish and Alteria Capital in its series A funding round. The company also receives investment from Whiteboard Capital and Surge. This e-commerce startup competes with companies like HyperPure, Shopkirana, and more.

Bighaat

Agritech startup offering an online e-commerce platform BigHaat uses advanced technologies to offer agriculture products. The company provides a product catalog including fertilizers, seeds, pesticides, pumps, growth promoters, and tractors. The startup servers BGOs, nurses, institutional growers, and farmers. The company serves in the B2B and B2C space in the retail and Food or agritech market segment.

The Bengaluru-based startup raised the fresh capital of $8.4 million in its series B funding round from RBA Finance and other investors. The company has raised around 24.8 million USD across six funding rounds since its inception. The company competes with B2B platforms offering agriculture products such as Grow Indigo, Arya, and Bijak.

Government schemes to promote e-commerce platforms for startups

The Government of India has recently announced a new scheme to help small and micro businesses. The scheme aims to help startups sell their products online through the Open Network for Digital Commerce. The MSME Ministry mentioned that this trade and marketing scheme will have a budget of Rs 277 crore. This amount will be invested in helping these small businesses grow their online presence by joining the ONDC platform, as reported by the Economic Times.

The government aims to support small businesses to compete in the digital world, making it easier for them to sell products online with lower costs and commissions. The ministry has set a goal of helping 5,00,000 small businesses benefit from this scheme by 2027. These businesses will receive subsidies to help cover the costs of services like account management, packaging, and logistics.

Earlier this year, ONDC introduced the DigiReady Certification Portal in collaboration with the Quality Council of India. This portal helps small businesses get certified and join the ONDC platform as sellers. Many well-known startups like Paytm, PhonePe, Ola, and Meesho have also integrated their services with ONDC.

Conclusion :

The Indian e-commerce sector has been growing rapidly for the past few years. This sector is expected to grow at 21 % annually and surpass $325 billion by 2030, the government is making efforts to bring small businesses into the digital marketplace. The data intelligence platform, tracxn mentioned that India has around 2,325 B2B e-commerce startups as of October 9, 2024. The government of India has been launching several schemes in the past few years including funding programs and initiatives schemes to promote the Indian e-commerce startup ecosystem.

The MSME Ministry announced a new scheme to help small and micro businesses sell their products online through the Open Network for Digital Commerce (ONDC). The program is focused on helping at least 5,00,000 small businesses by the end of 2027. The program has a budget of Rs 277 crore aiming to help these small businesses compete in the online marketplace.

The growth and profit from startups will help India solidify its position in the global space tech industry. The government is focused on making Indian startups grow and compete in the global market. The scheme aims to boost emerging startups in the rapidly growing online industry.