Multiply Ventures, Better Capital and Citius Ventures and angel investors–Sujeet Kumar from Udaan, Hans Tung from GGV, among others also have participated in the funding round
Ximkart will use the fresh funds to reinforce its existing categories, launch new offerings and expand verticals including procurement, sales, technology and operations
The startup helps manufacturers source raw materials such as calcium carbonate, dead burnt magnesia, mineral turpentine oil, among others from across the world
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Bengaluru-based Ximkart has secured $2.4 Mn in a fresh funding round led by Matrix Partners India.
Multiply Ventures, Better Capital and Citius Ventures and angel investors–Sujeet Kumar from Udaan, Hans Tung from GGV, and founders of Zetwerk, Ula and OfBusiness have also participated in the funding round.
Ximkart will use the fresh funds to reinforce its existing categories, launch new offerings and expand verticals including procurement, sales, technology and operations.
“India is poised to become the manufacturing powerhouse of the world. One of the key pieces to make that happen is a strong global sourcing platform for raw materials critical to manufacturing. Sharan and Ankush bring years of experience of having worked in B2B marketplaces across geographies,” said Sudipto Sannigrahi, principal at Matrix India.
Set up in 2022 by Ankush Mittal and Sharan Urubail, Ximkart offers supply chain and logistic solutions to manufacturing companies. It helps manufacturers source raw materials such as calcium carbonate, dead burnt magnesia, mineral turpentine oil, di-ethylene glycol and aluminum scrap wheel alloy, among others from across the world.
“Ximkart was launched with the aim of enabling our MSMEs to churn out better quality products at better prices and help them compete with the best in the world. Our platform provides manufacturers with direct access to the best raw materials from across the globe, along with easy payment and logistics solutions,” said Urubail, cofounder and CEO of Ximkart.
Ximkart aims to become a prime source of raw materials for manufacturers across the world. It further helps manufacturers have access to good quality raw materials at an affordable price, as per its LinkedIn profile.
In the Indian logistics industry, it faces competition from the likes of Porter, Shiprocket and Pickrr, among others.
According to a RedSeer report, the country’s logistics sector is likely to become a $300 Bn market by 2025. Meanwhile, another report by Statista states the logistics sector in India will touch $380 Bn by 2025, growing at a CAGR of 10-12% by 2025. Besides this, it is also estimated that the sector will offer employment to 31 Mn people by 2025.
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