Silk startup ReshaMandi is in talks to start new funding round with $15 million from existing investors
- ByStartupStory | June 23, 2022
A fresh investment round has been started by the existing sponsor of ReshaMandi, a B2B marketplace for silk items. After an eight-month hiatus, the Bengaluru-based business has received new funding.
According to a regulatory filing with the RoC, Reshamandi’s board has approved a special resolution to allot 4,752 series A1 compulsorily convertible cumulative preference (CCPS) shares at an issue price of Rs 2,44,625.60 per share in order to raise Rs 116 crore, or roughly $15 million, from Creation Investments.
It had $30 million in Series A investment as of October 2021. Through three financing rounds thus far, it has amassed close to $47 million, including $1.7 million in startup money in March of last year.
According to the company’s documents, Reshamandi will utilise this money for development and growth. After the distribution of this round, the company’s valuation was estimated to be about $186 million. It appears that the new investment round is a component of the bigger one.
Reshamandi, a company founded by Mayank Tiwari and Saurabh Kumar Agarwal, links weavers to mills and merchants as well as provides crop advising services to silk farmers and connects weavers with raw materials and hardware Internet of Things devices.
According to ReshaMandi, it intends to establish itself in important weaving hubs including Varanasi, Salem, Kanchipuram, Maheshwar, and Dharmavaram. It also hopes to expand its retail presence into a number of additional cities, including Agra, Kota, Gorakhpur, Ranchi, Pune, and Visakhapatnam. In addition to having over 100 Internet of Things (IoT) devices installed, it has a network of over 50,000 farms, 4,000 active silk reelers, 5,000 fabric mills, and weavers.
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