Lal10, a wholesale cross-border platform for Indian artisans to sell their goods, has raised $ 5.5 million in a pre-series A funding round led by Yuj Ventures, Beyond Capital Ventures. Other investors participating in this round include Spiral Ventures, Singularity Ventures, Asymmetry Ventures, Blacksoil, Panthera Peak, Pegasus FinInvest, Nitish Mitersain, Bikky Khosla, Ashok Gudibandla and Kishor Ganji.
The fresh funds will be utilised to expand aggressively in the global market across the US, Japan and Middle East, said Lal10 in a press release. It will expand its tech-based supply chain solutions to buyers and technology innovation for MSMEs, empowering them with design to digitisation to the global wholesale discovery. The company also aims to reach a $100 million run rate in the next 12 months focusing on the home textile category.
Founded by Maneet Gohil, Sanchit Govil and Albin Jose in 2017, the Noida based start-up is an online cross-border wholesale platform for grassroot MSMEs in India.
Earlier in March 2020, Lal10 raised a seed round from Sorenson Impact and a few angel investors.
According to Lal10, the B2B rural-sourcing market is large, highly disorganised, and geographically disaggregated. Still, with the advent of inexpensive, ubiquitous internet and smartphones across even the rural corners of India, this sector is ripe for disruption.