GlobalFair, a supplier of building materials in the cross-border space, has raised $20 million in its Series A round through a mix of equity and debt. This round was led by Lightspeed with participation from Saama Capital, India Quotient, AUM Ventures and Stride Ventures.
According to GlobalFair, the funds will be used to strengthen its manufacturing base across India and Vietnam. It will also launch capital finance solutions and build a sustainable cross border supply chain, it said in a press statement.
The company provides procurement as a service and deals in categories including quartz, tiles and cabinets. Its USPs lie in offering upfront pricing, real time tracking, latest machines and technology.
It also makes supply chain cost efficient by maximising load capacity utilisation and predictive demand manufacturing models. According to its website, the company has 110 employees across India, the US and Vietnam.
Lightspeed Venture Partners had raised its largest fund dedicated to India and Southeast Asia at $500 million in July this year. The Silicon Valley-headquartered venture capital firm, which has backed startups such as Oyo, Udaan, Sharechat and Byju’s, has increased the size of its fourth India fund substantially from its previous corpus of $275 million in 2020.