Business to business marketplace MyMandi has picked up Rs 10 crore through compulsory convertible debentures (CCD) led by Real Time Angel Fund which is a SEBI-registered angel fund.
The proceeds will be used to expand its offerings, enhance its technological infrastructure and increase its market reach, MyMandi said in a press release.
Co-founded in 2022 by Mahanaryaman Scindia and Suryansh Rana, MyMandi is a B2B supply chain network for retailers in tier II and beyond cities providing a one-stop-shop and other integrated business solutions. The startup aims to stitch up the gap between local suppliers and retailers through warehousing, logistics and financial services. By enabling the local mandis, its objective is to re-engineer the hyperlocal supply chain.
The Gwalior-based company says that it has associated with more than 3,000 cart-pullers/small retailers and aims to onboard 5,000 retailers by the end of this fiscal year.
Real Time Angel Fund is sector agnostic, focusing on sectors such as health tech, fintech, green energy, artificial intelligence and consumer technology. It provides startups with capital, mentorship, and operational support to accelerate their growth.