By Samachar Vishesh News
Chandigarh 24th
October:- Dr. Dinesh Dua, North India Chairman
for Startups & Entrepreneurship for CII has made an angel investment
in Pumpkart, an online B2B platform
which works on Brand to retailer model. Founded in 2014 by Mr. KS Bhatia, the
startup which began as B2C company selling Pumps online pivoted earlier
this year into a B2B platform. It has added multiple other categories to
serve its clientele of retailers across Punjab, Haryana and Himachal.
Dr. Dinesh Dua currently, CEO
of Nectar Life Sciences Ltd and Chairman of Pharmexcil, Ministry of Commerce,
GOI made his first Angel investment in a startup since he became the
Chairman of Startups and Entrepreneurship for CII.
Dr. Dinesh Dua an alumnus of IIM
ahmedabadhas spent substantial time understanding Pumpkart’s journey and its
business model. Impressed by the pace at which Pumpkart has been able to
execute and build brands like VTOP in the Smart LED space, he believes
that under the leadership of KS Bhatia, Pumpkart has a great team to deliver.
The Punjab’s government support to
startups like Pumpkart and others has really given a boost to the state’s
startup ecosystem. Punjab Government is aggressively supporting Pumpkart
to bring the MSMEs of Punjab onboard the Pumpkart’s platform. Dr. Dua
believes that this is not only a great milestone for Pumpkart but would also
give a great boost to the MSMEs of Punjab by giving them an easy access to
the domestic market. He also says that this one step was
probably the tipping point which led him to invest in Pumpkart.
Pumpkart which is a boot strapped
organization is currently scaling and is spreading its wings to states beyond
Punjab.
Dr. Dinesh Dua specifically mentions
this as the strength of a startup as a boot strapped organization is more
careful with an external investment.
Dr. KS Bhatia, Co-founder and CEO of
Pumpkart announced that Dr. Dua shall be joining the board of Pumpkart
and under his mentorship, Pumpkart would scale new heights.
Dr. Dinesh Dua, through the CII
platform also encouraged other high net worth individuals and corporates to
identify innovative and fast growing startups like Pumpkart from the state
and invest in them. This single step can provide a boost not only to the
startup Ecosystem but also to the state’s economy.
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