NEW DELHI: An e-commerce management firm Assiduus Global has raised $1 million in Series A funding from multiple investors for its India business.
Assiduus Global owns brands like Irotica and Biotevia in India and partners with global Fortune 500 companies to help them build and scale their e-commerce business. The supply chain partner has raised this from VC Firm K Partners and some HNIs.
The funding, they say, will help develop and expand their brands, especially in the domain of nutraceuticals (products derived from food source) and beauty.
The brand is currently in the stage of expansion to other countries, namely, UAE and Singapore. Assdiuus has also developed a brand for maternity lingerie for women, under the brand name Irotica. Next on their agenda is to launch health and nutrition supplements for children; beauty and wellness supplements for women under the brand name ‘Smart Vitamins’ and ‘Boss Lady Beauty’ respectively.
Assiduus has also collaborated with Brinton pharmaceuticals, a global pharmaceutical company, to jointly launch their N95 masks, PPE Kits, OPD kits, surgical gowns etc.
HNI investor David Newman says, “Assiduus is a great example of the type of industry 5.0 focus capital-efficient business that we like to invest in. It marries technology along with its brands to bring the highest amount of profitability for E-commerce players.”
Somdutta Singh, founder, Assiduus Group said, “The funding will help us aggressively to develop stronger market offerings, expand our efforts into key markets as well as broaden and accelerate product development and technology prowess.”
No comments: