ReshaMandi, a silk-tech firm, has raised $6.2 million from Stride Ventures in a debt round. An official filing with the Registrar of Companies (Roc) reveals that the board of Resha Mandi has approved a special resolution to issue 5001 Non-Convertible Debentures at an issue price of INR 1,00,000 apiece to raise $6.2 million.
So far, the business-to-business marketplace for silk goods has raised a total of $53 million. It raised $30 million in an equity and debt mix as part of its Series A funding round in October of last year, with the help of global alternative investment manager Creation Investments.
The firm, which Mayank Tiwari and Saurabh Kumar Agarwal established, digitizes the silk supply chain and offers stakeholders full-stack support, including logistics, financing, and scientific testing.
In its first 15 months of existence, ReshaMandi has added more than 35,000 small businesses to its supply chain, including farmers, small and medium-sized manufacturers, and retailers.
Currently, it collaborates with 60,000 farmers, over 10,000 weavers, and more than 7,500 yarn producers. According to the business, their app has been used to sell and transact more than 20,000 tonnes of the cocoon, 1,500 tonnes of raw cotton, and 6,000 tonnes of cotton bales.
ReshaMandi has assisted small enterprises in increasing their revenue
The silk-tech startup connects weavers to mills and retailers, provides crop advising services to silk farmers, and connects weavers to raw materials and hardware Internet of Things devices. It is also present in South East Asia, North Africa, and the Middle East in addition to India.
The company claims that its procedures have significantly increased the utilization of locally produced raw silk and helped small businesses earn an extra 35 to 55 percent of revenue.
ReshaMandi intends to intensify its agricultural operations in India’s vital silk-producing states and weaving hubs, including Banaras, Salem, Kanchipuram, Maheshwar, and Dharmavaram.
The startup’s bigger goal is to eventually establish a zero-waste circular economy that will significantly benefit all parties involved in the silk supply chain on the social, environmental, and economic fronts.
