ETtechReshaMandi, a business-to-business marketplace focused on silk products, has raised $30 million, or about Rs 225 crore, in Series A funding round led by Creation Investments.
The equity plus debt round saw participation from Omnivore, which led the seed round of ReshaMandi, 9 Unicorns, Venture Catalysts, Sandeep Singhal of Nexus, and IndiaMART founder Brijesh Agarwal, among others, the Bengaluru-based company said in a release on Monday. Debt investors include Northern Arc, Alteria, Innoven, and Stride Ventures, it said.
“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,” said Mayank Tiwari, founder and CEO of ReshaMandi.
ReshaMandi, which provides a full-stack digital ecosystem from farm to fashion, 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 Varanasi, 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.
Founded in May 2020 by Tiwari, CTO Saurabh Agarwal, and CBO Utkarsh Apoorva, ReshaMandi said its revenues grew 30x in the first year of operation.
“Technology remains the core foundation for us,” Agarwal said. “With this round, we can enable contributors with financial solutions that will boost their production via scientific advisories and improvements, give access to a democratised 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's proprietary AI and IoT technology helps to bring transparent and inexpensive solutions to streamline the silk industry starting with farmers’ productivity, he said.
Tyler Day, partner at Creation Investments, said, “With India producing 30% 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.”
Agritech startups are seeing heightened interest from the investor community. According to data from Venture Intelligence, there were 21 deals totalling $172 million of funding in the sector so far this calendar year.
The equity plus debt round saw participation from Omnivore, which led the seed round of ReshaMandi, 9 Unicorns, Venture Catalysts, Sandeep Singhal of Nexus, and IndiaMART founder Brijesh Agarwal, among others, the Bengaluru-based company said in a release on Monday. Debt investors include Northern Arc, Alteria, Innoven, and Stride Ventures, it said.
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ReshaMandi, which provides a full-stack digital ecosystem from farm to fashion, 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 Varanasi, 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.
Founded in May 2020 by Tiwari, CTO Saurabh Agarwal, and CBO Utkarsh Apoorva, ReshaMandi said its revenues grew 30x in the first year of operation.
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“Technology remains the core foundation for us,” Agarwal said. “With this round, we can enable contributors with financial solutions that will boost their production via scientific advisories and improvements, give access to a democratised 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's proprietary AI and IoT technology helps to bring transparent and inexpensive solutions to streamline the silk industry starting with farmers’ productivity, he said.
Tyler Day, partner at Creation Investments, said, “With India producing 30% 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.”
Agritech startups are seeing heightened interest from the investor community. According to data from Venture Intelligence, there were 21 deals totalling $172 million of funding in the sector so far this calendar year.
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