UK-based global thread manufacturer Coats has acquired Singapore-headquartered Threadsol, a cloud-based digital applications provider, in a cash deal of $12 Mn (INR 84.2 Cr).
Threadsol was founded in 2013 in Delhi by Manasij Ganguli, Abhishek Srivastava, Bratish Goswami, and Mausmi Ambastha. The startup focusses on fabric optimisation so as to reduce wastage of fabrics and cut costs, using proprietary algorithms built on artificial neural networks as a tool to optimise the consumption of fabric.
Currently, Threadsol has development centres across India as well as representative offices in Bangladesh, China, Indonesia, Sri Lanka and Vietnam. It offers services across 13 countries.
ThreadSol claims to plan more than 1.5 Bn garments every year through its platform. The company has projected a revenue $2.3 Mn (INR 16.1 Cr) in 2018.
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According to Coats, the Threasol products will complement its existing software offerings and will together come up with solutions for the apparel and footwear industries.
“ThreadSol’s products provide an excellent fit with Coats existing Fast React Systems and GSD range of Evolve, Vision, Align, Enterprise and Quest. This complementary suite of software solutions for the apparel and footwear industries will enable brands, retailers and manufacturers to drive productivity gains, supply chain control and speed to market,” Coats said.
Till date, Threadsol has raised an funding of $200K (INR 1.4 Cr) in 2014 from early-stage and angel investors. The company’s first funding round was led by Blume Ventures and also saw participation from Google’s Rajan Anandan.
This development comes in right after Coats announced its strategic investment of $5 Mn (INR 35.06 Cr) in a Israel-based technology startup Twine Solutions
Prior to Threadsol, Coats had made four acquisitions including Patrick Yarn Mill, Gotex, Fast React Systems and GSD.
According to a report by Research and Markets, the Indian textile and apparel market is expected to reach $198 Bn by 2023, at a CAGR of around 14% during 2018-2023.