Venture capital firm Pavestone, which recently closed its maiden fund with a corpus of Rs 816 crore, Wednesday said it led a $12 million (over Rs 100 crore) Series B funding round in retail intelligence platform Bizom.
Existing investor IndiaMART and some family offices also participated in the funding round.
The Hyderabad-based VC said it alone poured in $7.5 million in this round, while business-to-business (B2B) marketplace IndiaMART invested $1.7 million in Bengaluru-based Mobisy Technologies Pvt Ltd, which operates Bizom.
The investment raised will be directed to scale Bizom’s innovations, including its AI-driven real intelligence initiative and to support the development of delivery mechanisms and the expansion of key accounts, the company said in a statement.
"We are engineering the future of retail distribution through next-generation products like Real Intelligence infrastructure, agentification, voice recognition, and augmented reality to address real-world challenges faced by global retail enterprises,” said Lalit Bhise, CEO at Bizom.
Mobisy was founded by Bhise and Shree Kulkarni in 2008. It operates Bizom, a software-as-a-service (SaaS) platform, which provides real-time intelligence for route-to-market operations of retail brands and optimizes distribution processes.
The company claims that it serves over 600 consumer packaged goods (CPG) brands and over 600,000 stock keeping units in more than 30 countries. As per IndiaMART's filing last month, Mobisy generated a turnover of Rs 78.6 crore in the fiscal year 2024, up from Rs 63.9 crore in the preceding year.
IndiaMART first invested in Bizom in 2020, when it wrote a cheque of Rs 10 crore for a 8.9% stake in the company. Since then, it has become a major shareholder in the company having likely acquired 31.33% of the share capital of Mobisy on a fully convertible and diluted basis, filings showed.
For Pavestone, which in November closed its maiden fund with nearly $100 million, this was the first investment in the 16-year-old company. The VC firm, which was launched in 2021 by V Laxmikanth, Sridhar Ramapalli and Srikanth VJ Tanikella, invests in early-to-growth stage startups.
