The networking startup Anar will be using the raised funding in strengthening its product and hire across various roles.
On Wednesday, B2B networking startup Anar announced that it has raised $6.2 Million in a seed round of funding which was co-led by Elevation Capital and Accel India.
The round also saw participation from First Cheque and Utsav Somani (iSeed and Partner, AngelList India), along with some of the best engineering and product-centric founders, including Ranjeet Pratap Singh (Co-founder and CEO, Pratilipi), Farid Ahsan (Co-founder, ShareChat), Vidit Aatrey, and Sanjeev Barnwal (Co-founders, Meesho), and Shashvat Nakrani (Co-founder, BharatPe).
According to a statement, the startup will use the funding to improve its tech capabilities & hire new people to join their team.
Speaking on the investment, Co-founder & CEO of Anar, Nishank Jain, said, “Up till now all the small & Medium Business owners were use to get business through their networks & relationships, but with the help of Anar App they will be able to connect various businesses and able to focus on something they are good at, i.e., building their network to grow their business. Anar is a 0-to-1 solution in this space with no other global peers,and we are humbled by our investors’ belief in our team and our vision. These funds will help us deliver a world-class product for SMBs.”
The startup said that they are happy to welcome businesses like jewellery, clothing, grocery stores, footwear, leather products, and similar verticals.
The idea of Anar, B2B networking App was coined by IIM Lucknow alumni Nishank Jain and Sanjay Bhat which was founded in February 2020. Anar businesses mainly focuses on Small & Medium size enterprises from manufacturers to retailers and resellers, helping them connect and interact with one another.
Speaking about the product plans, Sanjay Bhat, Co-founder and CTO, Anar, said, “We are looking for smart people who are excited about making an impact on hundreds of millions of lives. We want to hire the best engineers and product leaders who will embrace our user-first product mindset as we solve the most pressing problems for SMBs.”
“We are in the early stages and have a strong product roadmap and need candidates who can think on first principles to deliver against our strategy. Our long-term objective is to make the best engineering and product team in the world,” he added.
On the Anar business app, retailers, resellers, wholesalers, distributors, and manufacturers can create their own profiles, upload their catalogues, create posts, form connections, post requirements and interact with one another.
Commenting on the funding, Prayank Swaroop, Partner, Accel India, added, “Anar is building the new business social network for SMEs in India. A more collaborative way of doing business, and something that hasn’t existed in India before. We are very happy to partner with Anar’s enterprising team!”
The founders said they envision to build Anar as the go-to-B2B network platform for SMBs across India. the startup aims to enable over 70 million businesses to get access to a vast network, create their digital identity, and find a place to stay updated with industry trends. The team added the platform has gained over two lakh registered businesses on the platform.
Amit Aggarwal, Vice President, Elevation Capital, added, “We’ve long believed in the power of networking to empower and turbo-charge businesses, but observed a gap in the MSME domain, which is constrained by legacy relationships. Anar is taking a unique discovery-first approach to B2B relations (and commerce) and making it truly seamless for small businesses to create their digital presence and forge connections. We are really excited to partner with Nishank and Sanjay in this journey to create a category defining business.”