ReshaMandi appoints Ritesh Kumar as Chief Financial Officer
- ByStartupStory | March 26, 2022
Ritesh Kumar Talreja has been named Chief Financial Officer of ReshaMandi, India’s first and largest digital ecosystem for natural fiber supply chain, starting from farm to fashion, effective March 21, 2022. Ritesh will take over as the company’s finance director, where he will oversee Corporate Development, including loan financing and mergers and acquisitions.
Ritesh has over 14 years of expertise advising firms on fundraising, mergers, and acquisitions, structuring private equity investments, and other corporate transactional matters in both the public and private sectors. He was previously the Executive Director of IndusLaw’s Tax practice group. Prior to that, he worked for EY India for ten years, where he advised clients on corporate governance, risk management, and business performance enhancement.
Ritesh is a Chartered Accountant and a member of the Indian Association of Alternative Investment Funds’ Advocacy Committee. He has also advised businesses on international taxation difficulties, direct tax issues connected to structuring cross-border transactions, and tax planning options, all with the goal of achieving a tax-efficient structure in India. He has extensive experience addressing direct tax litigation matters before Indian appellate tribunals (including advising clients on tax litigation strategy) and tax policy representations before India’s apex direct tax administration authority, the Central Board of Direct Taxes (CBDT).
ReshaMandi is India’s first and largest digital ecosystem for the natural fiber supply chain, beginning at the farm and ending at the store. ReshaMandi’s business approach provides a strong social impact at the grassroots level by assisting farmers, reelers, weavers, and retailers in increasing crop usage and revenue. We buy scientifically graded cocoons from farmers, deliver them to reelers, connect weavers with high-quality yarn, and connect them with a variety of shops. ReshaWeaves, the company’s e-commerce platform that caters to end consumers by delivering them magnificent sarees from various areas of India, has lately entered the D2C market.
ReshaMandi is in talks with a number of global private equity and hedge firms about raising $100 million (about Rs 748 crore) or more at a valuation of $600 million to $700 million. In October 2021, the firm raised $30 million (about Rs 230 crore) in an equity and debt mix headed by global alternative investment manager Creation Investments as part of its Series A funding round.
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