October 19

Reshamandi Raises Us $30 Million in India’s Largest Series a Funding for a B2B Marketplace, Led by Creation Investments

ReshaMandi, India’s first silk-tech startup that serves as a B2B marketplace for silk farmers, businesses, and retailers in India, announced a Series A funding round of US $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 9 Unicorns, 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.

Founded in May 2020, ReshaMandi provides a full-stack digital ecosystem, starting from farm to fashion. The company was founded by Mayank Tiwari, a NIFT gold medalist, Saurabh Agarwal, former Cisco Systems technologist and entrepreneur, and Utkarsh Apoorva, a serial technology entrepreneur from IIT Delhi. ReshaMandi is currently one of the fastest-growing B2B start-ups in India, which is witnessing an increase of 30X in revenue in the first year of operation.

Photo courtesy of Jeff Blum.

Source: India Education Diary (link opens in a new window)

smallholder farmers, startups