Bengaluru-based ecommerce management firm Assiduus Global, on Thursday, raised $1 million in Series A funding for its India business. The round was led by multiple investors including VC Firm K Partners and a few notable HNI’s.
According to company statement, the startup will use the fresh fund to develop and expand the brands, especially in the domain of Nutraceuticals and beauty.
Commenting on the funding, Somdutta Singh, Founder and Chief at 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. Having the financial support and domain expertise from our team leaders will help us execute our vision even more rapidly and broadly – and with the benefit of experience, perspective, and relationships of our investors who are supporting us through an accelerated growth period.”
Assiduus Global owns brands that include Irotica and Biotevia in India, and partners with global Fortune 500 companies to help them build and scale their global ecommerce business by becoming their exclusive global distribution and supply chain partner.
The company plans to launch a new line of health and nutrition supplements for children, as well as beauty and wellness supplements for women under the brand name Smart Vitamins and Boss Lady Beauty respectively. The brand is in the stage of expansion to other countries, namely, UAE and Singapore.
Speaking about the investment, David Newman, HNI investor, said, “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 ecommerce players.”
Amidst the pandemic, Assiduus collaborated with global pharmaceutical company Brinton pharmaceuticals, to jointly launch their COVID-19 range of merchandise on ecommerce platforms to promote the visionary Make In India initiative and help communities in dire need of support.
Edited by Saheli Sen Gupta
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