Bijnis rebrands as Zorit, raises nearly Rs 27 crore led by Sparrow Capital
Zorit, the B2B quick commerce startup formerly known as Bijnis, has raised nearly Rs 27 crore ($2.84 million) in a round led by Sparrow Capital.
Existing investors Info Edge and WaterBridge participated, along with Better Capital, angel investors and employees. The angels include Anupam Mittal, founder of Shaadi.com, the founders of Shiprocket, Mohit Sardana, CEO of Xpressbees, and Sarthak Misra of SoftBank.
After the investment, Info Edge's shareholding in the company will rise to 20.12% on a fully converted and diluted basis. In a stock exchange disclosure earlier this week, Info Edge said it may also acquire additional equity through a secondary transaction.
Zorit lets offline retailers source inventory from locally stocked dark stores, with deliveries in as little as 60 minutes.
The company was founded in 2015 by Siddharth Vij, Chaitanya Rathi, Siddharth Rastogi and Sachin Chauhan. It began as a B2B marketplace connecting manufacturers with retailers and moved to an inventory-led quick commerce model in late 2024.
It operates 12 dark stores across 12 cities and has reached Rs 120 crore in annualised sales. Nearly 50% of its dark stores have broken even, including the cost of liquidating unsold inventory.
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The fresh capital will go towards quick commerce infrastructure, a wider product assortment and deeper retailer engagement across its operating markets.
In May 2023, Info Edge wrote off its entire Rs 76.65 crore investment in Bijnis, operated by Bizcrum Infotech Pvt Ltd. The startup had previously raised capital from investors including Matrix Partners (now Z47), Sequoia Capital (now Peak XV Partners) and WestBridge Capital. Bijnis raised $30 million in a Series B round led by WestBridge Capital in September 2021 and had secured over $40 million in total funding.
According to the company, nearly 60% of its retailers had never used an online B2B platform before. Retailer retention beyond the sixth month has improved fourfold compared with its previous model, and monthly ordering frequency has increased fivefold. Retailers place an average of five to six orders per month, with top cohorts exceeding 10 orders.
With its shift to quick commerce, Zorit is focusing on faster inventory replenishment, locally relevant product assortments and lower minimum order values for offline retailers.
"We strongly believe that a substantial part of India's future commerce will remain retailer led. As consumer expectations evolve, retailers need better technology and supply chain infrastructure to compete and grow," said Siddharth Vij, CEO of Zorit.
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