The funding also saw participation from Multiply Ventures, Better Capital and Citius Ventures. Marquee angel investors such as Udaan’s Sujeet Kumar, GGV’s Hans Tung, and founders of Ula, OfBusiness and Zetwerk also participated.
The startup will use the funds to strengthen its position in existing categories, launch new categories and expand to newer geographies across procurement, sales, technology and operations.
Founded in 2022 by Sharan Urubail and Ankush Mittal, Ximkart aims to simplify imports of raw materials by providing better discovery, quality, transparency and accountability while eliminating middlemen in the supply chain.
“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,” said Urubail, chief executive officer (CEO) of Ximkart.
Last week, Matrix also led the $10-million equity and debt raise of construction supply chain startup Zippmat.
“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.