STARTUPS

ReshaMandi Raises $30 million from Creation Investments

ReshaMandi is India’s first silk-tech startup that serves as a B2B marketplace for silk farmers, businesses, and retailers in India; announced a Series A funding round of $30 million, led by global alternative investment manager Creation Investments and other investors.

This round featured a mix of equity and some debt. The equity funding includes new investors such as 9 Unicorns, Venture Catalysts, Sandeep Singhal from Nexus, Brijesh Agarwal, founder of IndiaMART, and Omnivore, which also led the seed round of ReshaMandi. Debt investors include Northern Arc, Alteria, Innoven, and Stride Ventures.

Founded in May 2020, ReshaMandi provides a full-stack digital ecosystem, starting from farm to fashion. The company was founded by Mayank Tiwari, a NIFT gold medalist, Saurabh Agarwal, former Cisco Systems technologist and entrepreneur, and Utkarsh Apoorva, a serial technology entrepreneur from IIT Delhi.

ReshaMandi is currently one of the fastest-growing B2B start-ups in India, witnessing an increase of 30X in revenue in the first year of operation.

“This round of funding will allow us to expand into newer territories and operationalise our R&D work while helping further stakeholders reap the benefits of our innovations and efficiencies,” said Mayank Tiwari, CEO, ReshaMandi. “On a personal note, I would like to thank every one of our customers, suppliers, investors, and of course, the ever-growing ReshaMandi team.”

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