Nexprt Raises $5 Million In Seed Funding
The company plans to use the funds to strengthen its presence in the decor business and launch new verticals
B2B manufacturing and commerce startup, Nexprt has raised $5 million in Seed funding from Sequoia Capital India and Lightspeed. The round also saw participation from early investors, Titan Capital and other notable angel investors. The company plans to use the funds to scale the existing business and launch new business verticals in the manufacturing domain.
“B2B trade is a mature and well-understood industry. To build a high quality business, one needs to understand category level nuances as each category is vast, with its own set of problems and bottlenecks - they may be working capital related, they may be sales related or they may be manufacturing related. It is key to identify and solve for those specifically so that they can be the differentiators in the long term. Working with partners like Sequoia Capital India and Lightspeed from the beginning allowed us the comfort of focussing on building these key differentiators in the decor business. We built out a demand engine capable of predicting market trends and did a lot of product and process development on the manufacturing front, allowing us to reduce TAT and manufacture superior quality, new SKUs. Today, these capabilities are helping us get on a high quality growth trajectory, as demonstrated by a high percentage of repeat customers and increasing share of wallet from large clients, which we feel is the true marker for customer love in the B2B space,” said Harsha Vardhan Kalipatnapu, co-founder, Nexprt in a statement.
“We met the Nexprt team and felt they were special founders. Their focus from the get-go on both quality and leveraging technology to delight customers has been incredible. The south east Asia, US/EU corridor has many gigantic opportunities across payments, logistics, commerce and we are excited to work closely with Nexprt to shape the future,” said Vaibhav Agrawal, partner at Lightspeed in the statement.
Founded by Harsha Vardhan Kalipatnapu, Manav Garg and Kunal Jain in 2020, Nexprt is building a full-stack vertical commerce business to standardise manufacturing. It is creating category-specific solutions, beginning with the home décor category and expanding to other business verticals, where manufacturing is similarly unorganized, in the next couple of months. The team at Nexprt over the past year has built a sales team across multiple continents to open up demand channels and has also deeply invested in manufacturing-related innovations and processes, enabling the team to execute at scale in India, added the statement.