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ReshaMandi raises $30M in Series A round

reshamandi funding

ReshaMandi, a silk supply chain startup, announced that it has raised $30 million in a Series A round led by Creation Investments and others.

The startup plans to use the freshly raised funds to enter newer territories and operationalize R&D work, among others.

The latest funding round is a mix of equity and debt. The equity funding saw 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, the company said.

Commenting on the fundraise, ReshaMandi CEO Mayank Tiwari said,

“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.”

Established in May 2020, the company has onboarded over 35,000 small businesses so far, including farmers, SME manufacturers, and retailers onto its supply chain.

ReshaMandi said it is looking to extend its agricultural business in all major silk-producing states across the country while also positioning itself as a leader in weaving clusters like Banaras, Salem, Kanchipuram, Maheshwar, and Dharmavaram.

It also strives to increase its retail presence 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, the company said.

Speaking about the funding, Utkarsh Apoorva, Co-founder, and CBO of ReshaMandi said, “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.”

Commenting on the investment, Creation Investments Partner Tyler Day said, “With India producing 30 percent 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,” he added.

ReshaMandi seems to have established a strong footprint in the market. I’m sure the company will emerge as a market leader in the time to come. My best wishes to the team of ReshaMandi.

Shishir Gupta, Founder and CEO, StartupLanes

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