Aksum Trademart in talks to raise $25 million to fuel its expansion strategy
- ByStartupStory | August 29, 2022
Aksum Trademart, a business-to-business (B2B) startup that supplies raw materials to MSMEs, intends to raise $25 million (about Rs 199 crore) from investors to fund its expansion goals. To assist generate funds, the company has hired a boutique investment banking firm.
Sumit Bhatia, co-founder of Aksum Trademart, stated, “We intend to seek funds in stages in accordance with our growth milestones and to invest in technology. According to the growth goals, we intend to raise USD 25 million over the next 12 months.”
Ankit Jain, the other co-founder, said, “The company is in talks with early stage investors and family offices to satisfy the cash requirements, and that the digital supply chain of the future will necessitate outsourcing.”
According to Bhatia, the benefits include end-to-end connection, increased productivity, cheaper costs, increased flexibility, and better asset management.
In terms of debt, he stated that the company recently concluded a factoring limit of Rs 2.4 crore with an NBFC in order to boost up commercial activities. More such collaborations with other NBFCs and banks are being discussed.
Bhatia claims that in just seven months, the company has been able to cultivate connections with corporations such as L&T, Jindal Stainless, and Tata Projects, as well as supply more than 200 stock keeping units to customers in categories such as steel, coal, tiles, paint, polymer, and chemicals.
Follow Startup Story
Related Posts
