Cross-border raw material sourcing firm Ximkart has secured $2.4 million in a seed fundraising round that was led by Matrix Partners India.
Multiply Ventures, Better Capital, and Citius Ventures all contributed to the fundraising. Famous angel investors including Sujeet Kumar from Udaan, Hans Tung from GGV, and the creators of Ula, OfBusiness, and Zetwerk also took part.
In the areas of procurement, sales, technology, and operations, the firm will utilise the funds to enhance its position in current categories, introduce new ones, and expand to newer locations.
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“Ximkart was launched with the aim of enabling our MSMEs to churn out better quality products at better prices and help them compete with the best in the world. Our platform provides manufacturers with direct access to the best raw materials from across the globe, along with easy payment and logistics solutions,” Sharan Urubail, chief executive officer (CEO) of Ximkart, said.
Sharan Urubail and Ankush Mittal established Ximkart in 2022 with the goal of streamlining the importation of raw materials by enhancing discovery, quality, visibility, and accountability while excluding middlemen from the supply chain.
“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. Sharan and Ankush bring years of experience of having worked in B2B marketplaces across geographies,” said Sudipto Sannigrahi, principal, Matrix India.
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Ximkart’s cross-border supply chain and tech solutions ensures manufacturers have access to the best quality raw materials at the right price. Their goal is to help manufacturers, small and large, compete with the best in the world.