The Yarn Bazaar Raises INR 15 Crore in Pre-Series A Funding Round to Revolutionize the Textile Industry
- ByStartupStory | June 20, 2023
The Yarn Bazaar, a purpose-led online B2B managed marketplace, has successfully secured INR 15 crore in its pre-Series A funding round. The investment was led by the prestigious Rajiv Dadlani Group and Equanimity Ventures, with participation from renowned Family Offices and HNI investors. The funding will play a vital role in solidifying the company’s foundation, expanding its operations, and meeting the surging demand in the market.
Expressing his gratitude, Pratik Gadia, founder and CEO of The Yarn Bazaar, stated, “The current round of funding we have received from the Rajiv Dadlani Group, Equanimity, and all our other investors is a testament to their trust in our business model and future potential. We are committed to continuously improving our platform and offerings to create a favorable ecosystem for yarn buyers and sellers. Exciting opportunities lie ahead, and we are laser-focused on our journey towards becoming the go-to platform for high-quality yarn.”
The Yarn Bazaar aims to enhance its online presence and elevate the overall user experience through the infusion of additional funds. The company plans to facilitate seamless connections between suppliers and buyers, along with providing access to valuable resources and data. Since its inception in 2019, The Yarn Bazaar has already made significant strides in transforming the highly fragmented $200 billion textile industry. By addressing supply chain challenges and working capital constraints, the company has facilitated over INR 370 crore worth of transactions, with an average order value of INR 19 lakh.
Rajiv Dadlani, representing the Rajiv Dadlani Group, expressed confidence in The Yarn Bazaar’s potential, stating, “We have been closely monitoring The Yarn Bazaar’s impressive growth journey. With their unique business model and the vast potential of the textile market, poised for disruption, they have the capability to emerge as a leading brand in the yarn and textile industry. Pratik and his team possess a strong pedigree, extensive experience, and have built a solid foundation in their niche space. We are thrilled to partner with them as long-term investors and support them on their journey.”
The Yarn Bazaar’s vision encompasses transforming the textile industry by streamlining operations, improving market access, and offering a user-friendly platform for all stakeholders. With a focus on innovation and a commitment to excellence, the company is poised to revolutionize the yarn and textile sector, catering to the evolving needs of buyers and sellers.
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