Matrix Partners India has led a $2.4 million round in cross- border raw material sourcing startup XimKart. The funding round also witnessed participation of Multiply Ventures, Better Capital, Citius Ventures, and marquee angel investors like Sujeet Kumar, and Hans Tung.
According to XimKart, the proceeds will be deployed to launch and strengthen its position across categories and expand to newer geographies.
Founded by Sharan Urubail and Ankush Mittal in 2022, Ximkart eases the process of importing raw materials by providing better discovery, quality, transparency and accountability while weed out middlemen in the supply chain.
The Bengaluru-based startup claims to yield better quality products at better prices and help MSMEs compete with large corporations. Its platform provides manufacturers with direct access to the raw materials from across the globe, along with easy payment and logistic solutions. It competes with Fashinza which raised a $100 million round co-led by Prosus and Westbridge and Mumbai-based Groyyo that also raised $40 million in an equity and debt round led by Tiger Global.
Last Week, Matrix also infused $10 million equity and debt raise of construction supply chain firm Zippmat. In June, Matrix Partners India disclosed that it will raise $450 million as part of its fourth fund to back emerging startups in the country.