Digital supply chain platform Metalbook, on Monday announced that it has raised $5 million in seed funding led by Axilor Ventures. Foundamental, RTP Global, Stride Ventures and a few angel investors also participated in the funding round.
Metalbook, which recently received its export licence, plans to use the funds to scale to 12 newer geographies, strengthen its global network of processing centres, build the team and enhance its cloud manufacturing platform.
Founded in 2021 by Pulkit Baldev, Aman Tibrewal, and Raghavendra Pratap Singh, Metalbook is aiming to digitise the global supply chain for the metal industry. The startup plans to leverage its software-as-a-service (SaaS) marketplace and cloud manufacturing platform to realise its goals.
Metalbook claimed that the company is currently doubling its top-line quarter-on-quarter. The company is eyeing over a $100 million run rate by the financial year 2024, it said in a release.
“We are here to provide a premium procurement experience to the consumer in the most orthodox industry having low tech penetration. India is currently the second largest steel producer, Metalbook aims to enable and expand the reach of Indian-make steel products to the whole world,” said Baldev, co-founder Metalbook.
“The international market is a $3 trillion opportunity in itself which is ripe for disruption and we believe that we should successfully be able to replicate our success achieved in India to other geographies,” he added.
Currently, the Delhi-based startup works with more than 500 metal manufacturers, dealers and suppliers across the value chain. It claims to be catering to more than 350 customers.
The company said that it works with Arcelor Mittal Nippon Steel, Tata Steel, JSW, EU Metals, and JSPL, among others. On the other hand, it counts DLF, BL Kashyap, Bygging, etc., as its customers.
Metalbook currently caters to the iron and steel market. However, the company has plans to expand its offerings to other metal categories such as Aluminium and Zinc.
“Verticalized full-stack platforms are the need of the hour for global supply chains. Metalbook’s platform is helping the iron and steel industry decentralize global supply and demand. With India as the second largest producer of steel, this is a great supply base for the company to start with as it begins global operations. The opportunity combined with the Metalbook team’s strong domain know-how on the segment were deciding factors in our investment,” said Nandan Venkatachalam, principal at Axilor Ventures.