The round of funding will help ReshaMandi to expand into newer territories and operationalise R&D work
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 $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 nine 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.
Mayank Tiwari, CEO, ReshaMandi, “The 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.”
“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,” said Utkarsh Apoorva, Co-founder, and CBO, ReshaMandi.
ReshaMandi 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 Banaras, 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.
