An undisclosed amount in seed funding has been raised by DeVC, an early-stage venture capital firm, for Electrade, a SaaS-based vertical marketplace for electronic parts. Notable investors included Amit Lakhotia (Park+), Pawan Gupta (Fashinza), and Arjun Kapoor in the funding round.

The fresh capital will be used to enhance its AI-driven cloud-based (SaaS) services for clients and vendors, sales and promotion efforts, and team growth, according to the firm.

Electrade was founded by Rishikesh Ranjan in 2019 and offers a streamlined supply chain network for electronics components for product manufacturers, standardizing both imported and domestically manufactured parts. The startup aims to address challenges such as discoverability and single-point sourcing, aiming to reduce prototyping delays and production halts by up to 80% in India.

Our goal is to establish a robust distributor network that will allow Indian component manufacturers to supply both domestically and globally. Prototyping and
production component requirements can be met with our one-click, cost-effective procurement solution. We employ artificial intelligence in numerous areas, such as demand forecasting, alternative part suggestions, and part listing, says Rishikesh Ranjan.

Electronic product manufacturers, startups, and educational institutions can use the 25-member startup's cost-effective procurement solution. Businesses such as Park+ and Urban Company are helped by the platform to set up robotics and IoT labs by engineering colleges.

Within the next one to two years, the company hopes to achieve a target of at least $10 million in annual revenue.

The Delhi-based startup is supported by strategic advisor Sumit Nagpal, who has over 23 years of experience and 12 US patents. Nagpal has driven AI advancements in both software and hardware technologies.