HomeNewsSilk supply chain platform ReshaMandi raises $1.7 mn from Omnivore and others

Silk supply chain platform ReshaMandi raises $1.7 mn from Omnivore and others

Most Read

India-based Skill supply chain platform ReshaMandi has raised $1.7 million in series seed round funding led by Omnivore and Strive Ventures.

The fresh round funding also saw the participation from Axilor Ventures, and Supply Chain Labs (Lumis).

- Advertisement -

“The company plans to use the funding to strengthen its digital platform and for expansion of its business beyond Karnataka, and expansion of its presence in other important Indian silk hubs such as Maharashtra and Tamil Nadu,” the ReshaMandi said.

Founded in April 2020 by Mayank Tiwari, Saurabh Agarwal, and Utkarsh Apoorva. ReshaMandi is a full-stack platform for organizing the silk supply chain, providing services including quality testing, technical advisory, high-quality inputs, and market linkages at each node of the silk supply chain.

Speaking on the funding, Mayank Tiwari, Co-Founder & CEO of ReshaMandi said, “We are excited to bring the first technology-led disruption to India’s USD 10 billion silk industry. Our goal is to reduce the import of silk by helping Indian farmers improve their production capacity and quality.”

Talking about the investment in ResgaMandi, Subhadeep Sanyal, Partner at Omnivore, observed, “Despite India being the second-largest producer of silk globally, the industry is still unorganized and in urgent need of technology interventions across the supply chain. With sericulture farmers having very high smartphone penetration, it is an opportune time for a digital platform like ReshaMandi to address the existing inefficiencies.”

“ReshaMandi is enabling Indian sericulture farmers and other key players in the value chain to compete with the Chinese mass silk manufacturing hubs. Through mobile apps, IoT devices, and tech-enabled grading systems, ReshaMandi is enabling farmers to increase production, lower wastage, improve quality, and get access to better pricing,” Siddharth Verma, Investment Manager at Strive Ventures.

Subscribe To Morning Newsletters

Sign up to receive the latest news stories, exclusive interviews, and more in your inbox.

We don’t spam! Read our privacy policy for more info.

Editor's Pick

Krishna Mali
Krishna Mali
Founder, CEO & Group Editor of TechGraph.

Read More Stories

UK Housing Market Grinds to a Halt as Rates Bite

Britain’s once-thriving housing sector is now flatlining amid a tightening chokehold of astronomical mortgage rates. New data reveals house...

Tech Mahindra Set up Innovation Centre In Espoo Finland

India-based multinational technology company, Tech Mahindra has today inaugurated its innovation centre in Espoo, Finland. The new centre will accommodate...

Apple’s first ever dual-sim iPhone

The Indian Apple users are in for a treat as the leading smartphone manufacturer introduces its first-ever dual SIM...

Starmer Pledges New EU Pact to Stem Channel Migrant Crisis

UK Labour leader Sir Keir Starmer has proposed a plan to improve cooperation with the European Union to address...

Now, US users can see what Apple has collected from their device

Apple Inc on Wednesday rolled out an online tool to users in the United States and several other countries...

China Vows to Fight EU’s Electric Vehicle Subsidy Probe

An economic skirmish is brewing as China fired back fiercely against the European Union’s (EU) subsidy probe into its...