A business to business platform, Bijnis announced that it has raised $30 million in a Series B fundraising round headed by Westbridge Capital. Existing investors Sequoia India, InfoEdge, Waterbridge Ventures, and Matrix Partners India contributed to the fresh fundraising round.

The funds are said to be used to increase the number of manufacturers on the platform from the existing 5,000, as well as to generate demand by growing the store base, developing new products, and expanding the team.

The company's app, which was founded in 2015 by Siddharth Vij, Chaitanya Rathi, Siddharth Rastogi, and Shubham Agrawal, allows shops to purchase goods directly from factories, removing the hassle of price negotiations, quality verification, and payment security.

The Bijnis app assists factory owners in generating demand from consumers and other shops, as well as assisting them in obtaining supplies. It also provides logistics and payment services to manufacturers through agreements with a number of well-known industry companies.

It’s brewing efforts to eliminate traditional agents from the equation in order to assist manufacturers in significantly increasing their earnings as well as aggressively expanding by finding new consumers. One way it does this is by assisting these businesses in establishing a digital presence so that they can be found online by anyone.

Last year it raised $ 10 million in a Series A funding round. Sequoia Capital and Matrix Partners led the round, with WaterBridge Ventures and Info Edge joining as existing investors and was said to be valued at Rs.190 crore.

Bijnis raised Rs 95 lakh from Indian Angel Network in 2016 after nearly two years of bootstrapping.

However, the company paid a high price to obtain the increased sales volume. Total expenses more than doubled in FY19, from Rs 1.15 crore in FY18 to around Rs 9 crore. The fulfillment and shipping of items accounted for around 52 percent of total expenses, employee benefits for 28 percent, and other operational costs for the remaining 28 percent.

The increase in spending pushed the P/L further into the red, and losses increased by 8.5X in FY19, from Rs 78.5 lakhs to Rs 6.7 crore. In FY19, Bijnis spent Rs 3.93 to earn a rupee in revenue, a 25.5 percent increase over the Rs 3.13 company spent in FY18.

Bijni's operating revenues surged 6.2X from Rs 37 lakhs in FY18 to Rs 2.3 crore in FY19, despite the fact that the company has neglected to file its annual financial statement for the past two years. It made 56.5 percent of its revenue from logistic fees, with the remainder coming from commissions on platform purchases.