ReshaMandi, an agritech startup digitizing India’s silk supply chain, on Thursday stated that it has raised $1.7 million (Rs 12.25 crore) in seed funding. The round was led by Omnivore and Strive Ventures with participation from Axilor Ventures and Supply Chain Labs (Lumis).
Founded by Mayank Tiwari (CEO), Saurabh Agarwal (CTO), and Utkarsh Apoorva (CBO) in April 2020, ReshaMandi is developing a full-stack platform for coordinating the silk supply chain, rendering services including quality testing, technical advisory, high-quality inputs, and market linkages at each stage of the silk supply chain.
According to the press release, the founders intend to utilize the recently acquired funding to strengthen their digital platform and grow beyond Karnataka, building a presence in other major Indian silk hubs such as Maharashtra and Tamil Nadu.
Speaking on the new investment, Mayank Tiwari, Co-founder and CEO of ReshaMandi said, “We are excited to bring the first technology-led disruption to India’s USD 10 billion silk industry. Our goal is to reduce the import of silk by helping Indian farmers improve their production capacity and quality.”
In less than a year since inception, the startup claims to have reached an ARR of $ 30 million. The startup is operating with over 2300 farmers and has IoT devices stationed across 10 rearing centers. Recently, ReshaMandi was titled the Best Emerging Social Enterprise of 2020 by Business Mint.
Speaking on the development, Subhadeep Sanyal, Partner at Omnivore, stated, “Despite India being the second-largest producer of silk globally, the industry is still unorganized and in urgent need of technology interventions across the supply chain. With sericulture farmers having very high smartphone penetration, it is an opportune time for a digital platform like ReshaMandi to address the existing inefficiencies.”
Siddharth Verma, Investment Manager at Strive Ventures, added, “ReshaMandi is enabling Indian sericulture farmers and other key players in the value chain compete with the Chinese mass silk manufacturing hubs. Through mobile apps, IoT devices, and tech-enabled grading systems, ReshaMandi is enabling farmers to increase production, lower wastage, improve quality, and get access to better pricing.”