[Funding alert] GlobalFair raises $2M in seed round led by Saama Capital, India Quotient
GlobalFair, a B2B cross-border trading platform, has raised a seed funding of $2 million led by institutional investors like Saama Capital and India Quotient.
Shashank Kumar and Harshil Mathur from RazorPay,; Kunal Shah from CRED; and Harsh Shah and Farooq Adam from Fynd, who are angel investors in the company, also participated in the round.
“Customer responses and funding that we have received so far is an acknowledgment of our potential to transform the global B2B cross-border trade. With a supplier base across Rajasthan, Himachal Pradesh, Gujarat, and Andra Pradesh, and buyers across the US, South Korea, and Vietnam, we have seen the affinity of our customers to turn to a technology-first solution in a very people driven industry,” said Shaily Garg, CEO and Co-founder, GlobalFair.
“The funds will be used to expand our network of manufacturers across India and Vietnam, and facilitate growth across all verticals to build a simpler, faster, and better cross border supply chain,” Shaily added.
GlobalFair claims that it is building a borderless trade economy to make inter-country sourcing as easy and reliable as intra-country trade. It said that what ecommerce platforms did by digitising the complete retail shopping experience, producing giants like Amazon and Flipkart, the platform is doing the same for the cross-border B2B trade economy.
GlobalFair is founded by Shaily Garg, an IIT Bombay alumnus who used to work with P&G and Stanza Living; and Ashish Chandra, an IIT Delhi alumnus and an ex-Director at PwC with extensive work history in the UK and Middle East markets. Both the founders have deep expertise in manufacturing, logistics, and trade financing. The statement said that the founders are on a mission to build a launching platform for Indian export growth emerging from the post-COVID-19 economic glut.
“The Global Fair approach of disrupting a fragmented and traditionally run cross-border trade segment by leveraging technology and improving transparency and efficiency creates a huge market opportunity, especially for the global buyer,” said Ash Lilani, Managing Partner of Saama Capital.
According to Anand Lunia, Partner, India Quotient, “The convenience that consumers are used to has been an envy for business buyers. Very little has been done to make the cross-border buying experience similar to ordering on Amazon. The need is for a credible intermediary to put the supply chain and the finance rails together and make the massive supply base in India and SE Asia accessible on a click to Global buyer."
Edited by Kanishk Singh