Bzaar Raises $ 4 Million to Enable US Retailers to Source Indian Home and Lifestyle Products – TechCrunch

Small businesses in the US now have a new way of sourcing home and lifestyle products from new manufacturers. bzar, a business-to-business cross-border marketplace, is connecting retailers with more than 50 export-ready manufacturers in India.

The US-based company announced Monday that it raised $ 4 million in seed funding, led by Canaan Partners, and including angel investors, Flipkart co-founder Binny Bansal, PhonePe founders Sameer Nigam and Rahul Chari, Addition founder Lee Fixel and Helion Ventures co-founder. Ashish Gupta.

Nishant Verman and Prasanth Nair co-founded Bzaar in 2020 and see their company as a “fair without borders,” Verman said. Before founding Bzaar, Verman was at Flipkart, based in Bangalore, until he was acquired by Walmart in 2018. Then he was at Canaan Partners in the US.

“We believe that the next 10 years of world trade will be different from the last 100 years,” he added. “That is why we believe that this business should exist.”

Traditionally, small American shoppers did not have their feet on the ground in manufacturing centers, such as China, to handle freight shipments in the same way that large retailers did. Then Alibaba appeared in the late 1990s and began acting as a gatekeeper for cross-border shopping, Verman said. Imports of US products from China totaled $ 451.7 billion in 2019, while Imports of American goods from India in 2019 it was $ 87.4 billion.

Screenshot of Bzaar. Image credits: bzar

Small shoppers were able to purchase home and lifestyle items, but it was usually through the vendors themselves, and there was no one-size-fits-all selection, nor were the products available made by hand or from organic materials, he added.

With Bzaar, small shoppers can buy more than 10,000 wholesale products in its market from other countries such as India and Southeast Asia. The company guarantees that the products arrive in two weeks and manages all the logistics of the packaging and the protection of the buyer.

Verman and Nair launched the market in April and had thousands of users on three continents buying from the platform in six months. Meanwhile, Bzaar’s products are up to 50% cheaper than US domestic platforms, while the SKU selection is doubling every month, Verman said.

The new funding will allow the company to invest in marketing to get in front of buyers and invest in its technology to advance its cataloging function so that products pass through customs smoothly. Desiring to provide new features for its small business customers, Verman also intends to create a credit feature to allow buyers to pay in installments or up to 90 days later.

“We believe this is a once-in-a-lifetime change in the way world trade works,” he added. “You need the right equipment to do this because the problem is quite complex to get products from a small town in Vietnam to Nashville. With our infrastructure in place, the good news is that there are already stores and buyers, and we are bringing them together to give shoppers a seamless experience. “

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