ReshaMandi is an Agritech startup digitizing India’s silk supply chain. A recent announcement has stated that it has successfully raised US$ 30 Million, the largest Series A fundraise for a B2B marketplace in India, the round was led by a global alternative investment manager Creation Investments Capital Management, LLC, and other investors. With a mix of Equity and 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.
Based in Bengaluru, Founded in the year 2020. ReshaMandi is India’s first and largest B2B marketplace digitizing the silk supply chain. It provides a full-stack digital ecosystem in the form of a super app, from FARM to RETAIL. 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 built on relationships and we are excited with the new partnerships we are entering with Creation and others,” Mayank said. “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. On a personal note, I would like to thank each and every one of our customers, suppliers, investors, and of course the ever-growing ReshaMandi team.”
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 and aspires to further strengthen its position in this supply chain with this fresh round of capital, ultimately creating a zero-waste circular economy that will have a significant social, environmental, and economic impact for all the stakeholders of the silk supply chain.
It has on-boarded more than 35,000 small businesses spanning across farmers, SME manufacturers, and retailers onto its supply chain, impacting over US$ 1.5 billion worth of market, in the first 15 months of its operations. Its processes have helped increase small business incomes by 35-55% and the use of indigenous raw silk dramatically.