Building material supplier GlobalFair secures $20 million in Series A funding to improve its manufacturing base in India and Vietnam

• ByStartupStory     |    October 21, 2022

GlobalFair, a cross-border supplier of building supplies, has received $20 million in its Series A round through a combination of stock and debt. Lightspeed led this round, with participation from Saama Capital, India Quotient, AUM Ventures, and Stride Ventures.

The funds will be utilized to improve GlobalFair’s manufacturing base in India and Vietnam, according to the company. According to a press release, it will also introduce capital finance options and establish a sustainable cross-border supply chain.

The firm, founded by IIT alumni Shaily Garg and Ashish Chandra in 2020, offers procurement as a service and works with quartz, tiles, and cabinets. Its unique selling points include transparent pricing, real-time tracking, and cutting-edge machinery and technology.

On the fundraiser, GlobaFair CEO Shaily Garg said, “With a clear focus on affordability and sustainability in the current real estate market, our technology-first solution has transformed the global supply chain of building materials. Through a three-way buyer, supplier, and provider integration, our in-house software has automated the entire ‘discovery to delivery’ lifecycle of an order.”

The company has grown 300% each year, with 93% return customers, and has extended throughout 36 states in the United States. It specializes in supplying huge projects in India and Vietnam.

Commenting on the financing, Bejul Somaia, a Partner of Lightspeed said, “The pandemic exposed structural issues in cross-border supply chains and heightened the need for transparency, visibility, and diversification in procurement. GlobalFair is using technology to address these issues for the global construction and building materials industry.”

In July of this year, Lightspeed Venture Partners secured $500 million for its largest fund focused on India and Southeast Asia. The Silicon Valley-based venture capital company, which has invested in businesses such as Oyo, Udaan, Sharechat, and Byju’s, has significantly boosted the size of its fourth India fund from its previous corpus of $275 million in 2020.

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