Supply Chain Platform Metalbook Raises USD 15 Mn in Series A Led by Rigel Capital The Gurugram-based startup Metalbook intends to use the money to expand its global network of processing centers, upgrade its technology infrastructure, and launch new business verticals.
By Entrepreneur Staff •
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Gurugram-based digital platform for the metals supply chain Metalbook has announced raising the USD 15 million funding in Series A round. The round was led by Rigel Capital, with participation from FJ Labs, as well as existing investors, Axilor Ventures, Foundamental, Stride Ventures, Trifecta Capital, and others.
The startup plans to use the money to expand its global network of processing centers, upgrade its technology infrastructure, and launch new business verticals.
Raghavendra Pratap Singh, Co-founder, Metalbook said, "As we look to the future, we feel that our solid foundation of integrity, innovation, customer centric approach and sustainability will enable us to achieve growth and profitability at scale. We want to make sure that there is enough of a track record for market investors to look at before we plan for an Initial Public Offer (IPO) in 4-5 years.''
Founded in 2021 by Pulkit Baldev, Aman Tibrewal, and Raghavendra Pratap Singh, Metalbook helps enterprise and SME customers through their entire metal manufacturing and procurement cycle, including buying, selling, excess inventory liquidation, customization, logistics, financing, e-auctioning, scrap recycling, credit and project management solutions.
The startup said it is expanding B2B platform in India, and is anticipated to achieve an annualized revenue run rate of USD 200 million by the end of FY24, demonstrating a growth of over 15 times in the past two years.
It claims to cater over 1,000+ customers across 450 markets and has recently launched new categories across copper, aluminium, metal scrap and has built out a global footprint of processing centers, recycling networks and 1,000+ suppliers across 80 geographies.
Nandan Venkatachalam, Principal at Axilor Ventures, commented, "Metalbook has demonstrated strong, capital efficient execution and ability to expand into new verticals. They have emerged into one of the fastest growing marketplace businesses in the world. We are glad to double down on this round as they continue to build out their global footprint and add new business verticals.
