[YS Exclusive] SaaS startup Electrade bags seed funding from DeVC, angel investors

Electrade, a SaaS-based vertical marketplace for electronics components, has raised an undisclosed amount in seed funding from early-stage venture capital firm DeVC, along with other prominent angel investors including Amit Lakhotia (Park+), Pawan Gupta (Fashinza), and Arjun Kapoor.

The fresh capital will be utilised to enhance its AI-driven SaaS solutions for customers and vendors, sales and marketing efforts, along with team expansion, the company said.

Founded by Rishikesh Ranjan in 2019, Electrade offers a streamlined supply chain network for electronics components for product manufacturers, standardising both imported and domestically manufactured parts. The startup aims to address challenges such as discoverability and single-point sourcing, aiming to reduce prototyping delays and production halts in India by up to 80%.

“We want India to establish its robust distributor network, enabling Indian component manufacturers to supply both domestically and globally. Product manufacturers and startups can utilise our one-click cost-effective procurement solution for prototyping and production component requirements. Our solutions utilise AI in a variety of areas including demand forecasting, alternate part recommendation, and part listing,” Rishikesh Ranjan told YourStory. 

The 25-member startup provides a cost-effective procurement solution for electronic product manufacturers, startups, and educational institutions. The platform caters to businesses such as Park+ and Urban Company, and assists engineering colleges, including IITs, in setting up robotics and IoT labs.

The company aims to achieve a target of at least $10 million in annual revenue within the next one to two years.

The Delhi-based startup is supported by strategic advisor Sumit Nagpal, who has over 23 years of experience and 12 US patents, driving AI advancements in both software and hardware technologies.

"The market is massive with a TAM of over $20 billion, with India being a significant contributor. There’s immense potential for disruption, which is exactly what we’re aiming for. The market is highly fragmented. When building any electronic product, whether for IoT, medical devices, or other use cases, you deal with millions of components. Each component has multiple variants, and it’s often difficult to make the right choices. The scale of the problem is big, and so is the opportunity," said Sumit Nagpal, Director of AI, AMD India. 

(The copy was updated.)