[Funding alert] Silk-tech startup ReshaMandi raises $30M in Series A round
Silk supply chain startupon Tuesday said it raised $30 million (over Rs 225 crore) in a Series A funding round led by global alternative investment manager Creation Investments and others.
The startup will use the funds to expand into newer territories and operationalise R&D work, among others, it said in a statement.
The Series A funding round is a mix of equity and debt. The equity funding includes new investors such as 9Unicorns, Venture Catalysts, Sandeep Singhal from Nexus, Brijesh Agarwal, Founder of IndiaMART, and Omnivore, which also led the seed round of ReshaMandi, it added.
Debt investors include Northern Arc, Alteria, Innoven, and Stride Ventures, the company said.
Commenting on the fundraise, ReshaMandi CEO Mayank Tiwari said,
"ReshaMandi is built on relationships, and we are excited with the new partnerships we are entering with Creation and others. This round of funding will allow us to expand into newer territories and operationalise our R&D work while helping further stakeholders reap the benefits of our innovations and efficiencies."
So far, the company founded in May 2020, has onboarded more than 35,000 small businesses, spanning farmers, SME manufacturers, and retailers onto its supply chain.
ReshaMandi said it now plans to expand its agricultural business in all major silk-producing states across India while also establishing itself as a leader in weaving clusters like Banaras, Salem, Kanchipuram, Maheshwar, and Dharmavaram.
It also aims to extend its retail footprint further into Agra, Kota, Gorakhpur, Dhanbad, Ranchi, Bhopal, Indore, Jabalpur, Rajkot, Vadodara, Surat, Pune, Nagpur, Satara, Visakhapatnam, Vijayawada, Madurai, Coimbatore, Kochi, and Kannur, over the next three to six months, the company added.
"Shortly after this round, a whole new range of saris and other fashion wear will be available in Tier-II towns in India where we are expanding," ReshaMandi Co-founder, and CBO Utkarsh Apoorva said.
Creation Investments Partner Tyler Day said, "With India producing 30 percent of the world's silk and still needing more to meet demand, companies like ReshaMandi can make the whole silk supply chain run more efficiently."
"Ultimately, this benefits the whole ecosystem from farmers and weavers to clothing manufacturers and buyers," Day added.