Pumpkart, an online B2B platform, has raised approximately INR 90 lakh from Dinesh Dua, North India Chairman for Startups & Entrepreneurship for CII, reported by ET.
KS Bhatia, founder and CEO of Pumpkart, said, “Dinesh Dua shall be joining the board of Pumpkart, and under his mentorship, the company would scale to new heights.”
Interestingly, the investment made by Dua in Pumpkart, is the maiden angel investment for the platform.
Founded in 2014 by KS Bhatia, Pumpkart began as a B2C company by selling water pumps online. The startup pivoted earlier this year into a B2B platform.
It has also added multiple categories to serve its retail clientele across states like Punjab, Haryana and Himachal Pradesh.
Pumpkart said that the Punjab Government is aggressively supporting Pumpkart, to bring the state’s MSMEs onboard the startup’s platform.
Dua is at present the CEO of Nector Life Sciences Ltd and chairman of Pharmexcil, Ministry of Commerce, Government of India.
According to Dua, the investment is not only a big step for Pumpkart, but also a strong move to boost the MSMEs of Punjab by giving them an easy access to the domestic market.
Dua said that this one step was probably the tipping point which led him to invest in Pumpkart.
Pumpkart which is a bootstrapped organization is currently scaling and is spreading its wings to states beyond Punjab.
Some of the significant startups under the similar roof include Biizongo, Moglix, Jumbotail, Power2SME, ShopKirana, Just Buy Live, Udaan, etc.