Indian silk-tech startup ReshaMandi raises $30m in Series A funding

Photo: Reuters

Silk-tech startup, ReshaMandi, on Tuesday said that it has raised $30 million as a part of its Series A funding round in an equity and debt mix, led by global alternative investment manager Creation Investments.

The equity funding also saw participation from 9 Unicorns, Venture Catalysts, Sandeep Singhal from Nexus Venture Partners, Brijesh Agarwal, founder of IndiaMART, and Omnivore, which also led the seed round of ReshaMandi.

Debt investors in the startup include Northern Arc, Alteria, Innoven, and Stride Ventures.

The year-old startup digitizes the silk supply chain and provides full-stack support including logistics, finance and scientific testing to stakeholders.

“This round of funding will allow us to expand into newer territories and operationalize our research and development (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,” said Mayank Tiwari, chief executive officer (CEO), ReshaMandi.

ReshaMandi has onboarded more than 35,000 small businesses spanning across farmers, small and medium enterprise manufacturers, and retailers onto its supply chain, in the first 15 months of its operations.

According to the company, its processes have helped increase small business incomes by 35-55% and pushed the use of indigenous raw silk dramatically.

“We are delighted to lead this funding round for ReshaMandi. With India producing 30% of the world’s silk and still needing more to meet demand, companies such as 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,” said Tyler Day, partner at Creation Investments.

ReshaMandi plans to expand its agricultural business in all major silk-producing states across India while also going deeper in weaving clusters including Banaras, Salem, Kanchipuram, Maheshwar, and Dharmavaram.

Over the next six months, the company also aims to extend its retail footprint further across smaller towns of Agra, Kota, Gorakhpur, Dhanbad, and Ranchi, among others.

“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. This will change the way people in tier-II cities shop for silk apparel,” said Utkarsh Apoorva, co-founder and chief business officer, ReshaMandi.

The larger vision for the startup is to ultimately create a zero-waste circular economy that will have a significant social, environmental, and economic impact for all the stakeholders of the silk supply chain.

The article was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.