ReshaMandi raises $ 30 million in Series A round.
- ByManjeet Singh | October 12, 2021
Creation Investments led a $30 million Series A financing round for ReshaMandi, a business-to-business marketplace for silk products.
The round was a mix of equity and debt financing, with Omnivore, 9 Unicorns, Venture Catalysts, Nexus’ Sandeep Singhal, and IndiaMART’s Brijesh Agarwal participating, among others. Debt investors include Northern Arc, Alteria Capital, Innoven, and Stride Ventures.
Mayank Tiwari, co-founder and CEO of ReshaMandi, said that the company will use the fresh capital to expand into newer territories and to operationalize its research and development efforts.
In March of this year, ReshaMandi raised $1.7 million in a seed funding round led by Omnivore and Strive Ventures, with participation from Axilor Ventures and Supply Chain Labs.
In its announcement, the company said it aimed to expand its business to all the major cotton-producing states in India. Additionally, it wants to establish itself in major weaving clusters like Varanasi, Salem, Kanchipuram, Maheshwar and Dharmavaram.
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