Digital supply chain platform Metalbook has raised $5 million in seed funding led by Axilor Ventures. Other investors such as Foundamental, RTP Global, and Stride Ventures, along with a few angel investors also participated in this round.
According to Metalbook, the raised funds will be deployed towards expanding India-made steel products across the globe, strengthening its global network of processing centres, and enhancing its cloud factory platform.
Founded in 2021, Metalbook is a digital supply chain platform that provides custom processing solutions to customers through its network of cloud-based processing centres.
The Delhi- based startup claims to work with over 500 global metal manufacturers, dealers and suppliers across the value chain and currently caters to more than 350 customers. The company works with global steel players such as ArcelorMittal Nippon Steel, Tata Steel, JSW, EU Metals, JSPL et al and several enterprise customers such as DLF, BL Kashyap, Bygging, etc.
Metalbook says it currently caters to the $3 trillion global iron and steel market and has plans to expand to other metal categories such as Aluminium, Zinc, and others. The company is currently doubling Q-o-Q profitability and aims to reach over $100 million run rate by FY24.
Last month, Axilor Ventures announced its plan to launch its second fund worth $100 million to back early-stage startups.