Indian B2B silk tech startup weaves $30m in series A funding

ReshaMandi, an India-based silk tech startup, has raised US$30 million in a series A funding round led by Creation Investments, a global alternative investment manager. The round was a mix of equity and debt.

Team ReshaMandi / Photo credit: ReshaMandi

The equity funding saw participation from 9Unicorns, Venture Catalysts, and Omnivore, as well as from Sandeep Singhal, managing director of Nexus Venture Partners, and Brijesh Agarwal, founder of IndiaMart. Debt investors in the round include Northern Arc, Alteria Capital, InnoVen Capital, and Stride Ventures.

ReshaMandi plans to use the funding for technology enablement and for the expansion of its agricultural business in all major silk-producing states across India. It also aims to establish itself as a leader in India’s weaving clusters as well as to extend its retail footprint further in the country.

Founded in May 2020, ReshaMandi serves as a business-to-business marketplace for India’s silk supply chain, which includes farmers, enterprises, and retailers. The company provides a full-stack digital ecosystem for silk, starting from farm to fashion.

The startup is currently witnessing a 30x increase in revenue in its first year of operations. It has so far onboarded more than 35,000 businesses spanning across farmers, retailers, and small and medium-sized manufacturers. The company says that its processes have helped increase the incomes of small businesses by 35-55%.

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“Our supply chain ensures that silk becomes affordable, and is available to middle class households across the country, with a design range and price points never seen before,” said Utkarsh Apoorva, co-founder and chief business officer of ReshaMandi.