Silk focused B2B Firm ReshaMandi raises $30 million led by Creation Investments & Others
Omnivore, which led ReshaMandi's seed round, 9 Unicorns, Venture Catalysts, Nexus' Sandeep Singhal, and IndiaMART founder Brijesh Agarwal, among others, participated in the equity plus loan round, the Bengaluru-based business said in a release on Monday. Northern Arc, Alteria, Innoven, and Stride Ventures are among the debt investors, according to the report.
“This 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,” said Mayank Tiwari, founder and CEO of ReshaMandi.
ReshaMandi, which offers a full-stack digital ecosystem from farm to fashion, wants to develop its agricultural business across India, as well as establish itself as a leader in weaving clusters such as Varanasi, Salem, Kanchipuram, Maheshwar, and Dharmavaram.
Over the next three to six months, the business plans to expand its retail footprint into Agra, Kota, Gorakhpur, Dhanbad, Ranchi, Bhopal, Indore, Jabalpur, Rajkot, Vadodara, Surat, Pune, Nagpur, Satara, Vishakapatnam, Vijayawada, Madurai, Coimbatore, Kochi, and Kannur.
ReshaMandi, which was founded in May 2020 by Tiwari, CTO Saurabh Agarwal, and CBO Utkarsh Apoorva, claims to have grown 30 times in its first year of existence.
“Technology remains the core foundation for us,” Agarwal said. “With this round, we can enable contributors with financial solutions that will boost their production via scientific advisories and improvements, give access to a democratised marketplace, and the ability to create products that are of high quality and set the stage for international recognition, which is long due for Indian silk.”
According to him, ReshaMandi's proprietary AI and IoT technology helps to deliver transparent and low-cost solutions to simplify the silk sector, beginning with farmer productivity.
Tyler Day, partner at Creation Investments, said, “With India producing 30% of the world’s silk and still needing more to meet demand, companies like ReshaMandi can make the whole silk supply chain run more efficiently. Ultimately, this benefits the whole ecosystem – from farmers and weavers to clothing manufacturers and buyers.”
The investment community is becoming more interested in agritech firms. According to Venture Intelligence data, the industry has received $172 million in capital in 21 deals so far this calendar year.