Cross-border raw material sourcing startup Ximkart, on Thursday said it has secured $2.4 million (around Rs 19 crore) as a part of its seed funding round led by venture capital firm Matrix Partners India.
The round also saw participation from Multiply Ventures, Better Capital and Citius Ventures, with angel investors including Sujeet Kumar (co-founder at Udaan) and Hans Tung (co-founder at GGV Capital), among others.
The firm plans to use the fresh funds to boost its categories, launch new verticals and expansion across procurement, sales, tech and operations.
Founded by Sharan Urubail and Ankush Mittal this year, Ximkart is a platform which provides manufacturers with direct access to the raw materials from across the globe, along with easy payment and logistics solutions.
“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 ecosystem to source their requirements,” said Urubail.
“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,” said Sudipto Sannigrahi, principal, Matrix India.
Incorporated in 2006, Matrix Partners India has over the years changed from a quasi-private-equity investor to a conventional venture capital firm with a focus on tech startups. The venture capital firm, which was started by Avnish Bajaj and Rishi Navani, had launched its first fund with a corpus of $150 million and later topped it up to $300 million.
In June, VCCircle reported that Matrix Partners India aims to raise $450 million for its fourth fund - Matrix Partners India IV, LP, according a disclosure with the US Securities and Exchange Commission (SEC).
The venture capital firm Matrix Partners India had raised $300 million for its third vehicle in 2019.