ReshaMandi, a business-to-business marketplace for silk products, has raised Rs 50 crore or $6.2 million in a debt round from Stride Ventures. This is the first round of debt investment for the Bengaluru-based company this year.
The board at Resha mandi has passed a special resolution to issue 5001 NCD (Non-convertible-Debentures) at an issue price of Rs 1,00,000 each to raise Rs 50 crore or $6.2 million, a regulatory filing with the Registrar of Companies (Roc) shows.
The Creation Investment-backed firm has raised $53 million so far including $30 million Series A round in October last year. In June 2022, it also initiated a new funding round. The debt could be a part of the ongoing financing round.
Founded by Mayank Tiwari and Saurabh Kumar Agarwal, Reshamandi offers crop advisory (along with hardware IoT devices) to silk farmers, raw materials along with design inputs to weavers and connects them to mills and retailers.
Besides India, it has a presence in the Middle East, North Africa, and SouthEast Asia.
The company claims that it works with 60,000 farmers, more than 10,000 weavers, over 7,500 yarn manufacturers, and 3,500 retailers. As per the company, more than 20,000 tonnes of cocoon, 1,500 tonnes of raw cotton, and 6,000 tonnes of cotton bales have been sold and transacted via its app.
The company’s operating revenue stood at Rs 20.5 crore, according to the financial statements filed with RoC for the year ending March 2021. Meanwhile, its losses stood at Rs 2.14 crore during the same period. In FY22, ReshaMandi claims that it recorded revenue of nearly Rs 450 crore. The company is yet to file its audited financial statements for FY22.