Funding Alert

Raw material sourcing startup Ximkart raises $2.4M in funding led by Matrix Partners India


Ximkart, a cross-border raw material sourcing startup, received $2.4M backed by Matrix Partners India. Multiply Ventures, Better Capital, and Citius Ventures, as well as Sujeet Kumar of Udaan, Hans Tung of GGV Capital, Nipun Mehra of Ula, and founders of OfBusiness & Zetwerk, participated in this round.

Ximkart will utilize the funds to increase its position in current categories, develop new categories, and expand to other locations.

Founded in 2022, Ximkart is a platform for acquiring raw materials with the objective of being the principal supplier of raw materials for businesses worldwide. The cross-border supply chain and technological solutions provided by Ximkart guarantee that manufacturers have access to the highest-quality raw materials at optimal pricing. Sharan Urubail and Ankush Mittal, the founders of Ximkart, are graduates of IIT and IIM with extensive expertise in B2B e-commerce, like – Amazon, Flipkart, and Udaan.

With the Make-in-India movement gaining substantial pace, India is on track to become the global manufacturing superpower. Ximkart simplifies the complicated and laborious process of importing essential raw materials for production. With over 20 million registered enterprises, India imports more than $175 billion worth of raw and semi-finished products annually. Consolidating the raw material import business with a fully integrated product via supply chain consolidation and source-to-factory tech solutions – spanning product discovery, credit, and logistics – presents significant potential. Ximkart presently serves over 50 firms in several areas of raw materials.

Ximkart

Commenting on the current situation of the country and the company, Sharan Urubail, CEO, of Ximkart, said, “Ximkart has been launched with the aim of enabling our MSMEs to churn out better quality products at better prices to help them compete with the best in the world. Up until now, only some of our country’s biggest manufacturers have been able to tag their sourcing capability as “world-class” – while a large majority of our manufacturers have for decades depended on the broader trader/importer ecosystem to source their requirements. Our platform provides manufacturers with direct access to the best raw materials from across the globe – along with easy payment and logistics solutions to make the entire procurement process seamless. Our goal is to significantly contribute to the journey India is making towards being a global manufacturing epicenter.”

Sudipto Sannigrahi, the Principal, Matrix India, expressed “India is poised to become the manufacturing powerhouse of the world. One of the key pieces to make that happen is a strong global sourcing platform for raw materials critical to manufacturing. Sharan and Ankush bring years of experience of having worked in B2B marketplaces across geographies. We are excited to partner with them as they solve the raw material importing process for global manufacturers supplying to India.”

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