Skyber Enterprises receives funding from Faad Network
- ByTejika Bajaj | January 10, 2022
SaaS and B2B (Business to Business) commerce platform has recently announced that it has received funding from an angel network Faad Network. The company officials have revealed that the funding is a part of its pre-seed round that is now closed. The details pertaining to the amount of funds raised still remains undisclosed.
Prior to this round of funding, Skyber raised capital from Encubay Angel Network (women focused angel network) and investment platform Tyke which have both formed a part of the pre-seed round of funding.
Founded in 2019 by Ambegaokar and Eashan Shetty, Skyber is an online platform which aims to digitise, optimise and streamline business transactions by simplifying and unifying the transactions to bring multiple stakeholders to the platform.
The commerce platform will majorly utilize the pre-seed capital to launch its product Bazaar, which is a SaaS powered marketplace that seeks to simplify merchant onboarding and cataloguing. Furthermore, the startup also intends to deploy the freshly infused capital to scale its operations by inculcating diversity and scope for expansion.
The needs of MSME businesses have been overlooked ever since and as a result, the MSME segment, which contributes over 30% to the GDP of India did not flourish at a required pace. Skyber aims to be a one-stop solution for all the needs of MSME businesses in India. One of their platforms – Dhandha is solving the crucial problem in the MSME segment by allowing merchants to set up their digital catalog, manage orders, customers, fulfillment & payment, dashboards & reports, accounting & books, and many more solutions. Another platform – Baazaar is aiming to simplify hyperlocal delivery of stores, businesses, and service providers. Consumers shall be able to discover any seller selling via Dhanda (first platform) on Baazaar (second platform) – Ambrish Jaipuria
Faad Network is a sector agnostic early-stage investor network which invests in pre-seed to Series A startups with a ticket size of $50,000-$1 million. It has invested in more than 45 startups so far, and 90% of its portfolios have been added post pandemic.
The investment network’s recent bets include SupplyNote, The New Shop, The Hosteller, BluSmart, Hesa and Kwh Bikes.
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