ReshaMandi Raises $30 Mn Series A Funding Led By Creation Investments
The platform 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
ReshaMandi, a silktech startup that serves as a B2B marketplace for silk farmers, businesses, and retailers in India, on Tuesday, announced a Series A funding round of $30 million, led by global alternative investment manager Creation Investments and other investors. This round featured a mix of equity and some 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. Debt investors include Northern Arc, Alteria, Innoven, and Stride Ventures.
“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 operationalize our R&D work while helping further stakeholders reap the benefits of our innovations and efficiencies. On a personal note, I would like to thank each and every one of our customers, suppliers, investors, and of course the ever-growing ReshaMandi team,” said Mayank Tiwari, chief executive officer, ReshaMandi.
ReshaMandi has on-boarded more than 35,000 small businesses spanning across farmers, SME manufacturers, and retailers onto its supply chain, impacting over $ 1.5 billion worth of market, in the first 15 months of its operations. Its processes have helped increase small business incomes by 35-55 per cent and the use of indigenous raw silk dramatically.
“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,” shared Utkarsh Apoorva, co-founder, and chief business officer, ReshaMandi. “Our supply chain ensures that silk becomes affordable, and is available to middle-class households across the country, with a design range and price points never seen before. This will change the way people in Tier-II shop for silk apparel.”
Founded in May 2020, ReshaMandi witnessed an increase of thirtyfold in revenue in the first year of operation.
“Technology remains the core foundation for us,” noted Saurabh Agarwal, chief technology officer, ReshaMandi. “With this round, we can enable contributors with financial solutions that will boost their production via scientific advisories and improvements, give access to a democratized marketplace, and the ability to create products that are of high quality and set the stage for international recognition, which is long due for Indian silk.”
ReshaMandi 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. The company 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.
“We are delighted to lead this funding round for ReshaMandi. With India producing 30 per cent 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,” added Tyler Day, partner, Creation Investments.
ReshaMandi aspires to further strengthen its position in this supply chain with this fresh round of capital, ultimately creating a zero-waste circular economy that will have a significant social, environmental, and economic impact for all the stakeholders of the silk supply chain.