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).
“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.