Online B2B mobile auction marketplace for sourcing and selling textiles XSTOK, has raised more than $450K (INR 3 Cr) funding in early-stage fund from Oliphans Capital along with Jeetu Panjabi (ex Capital Group) Manish Chokshi (Asian Paints), Anupam Mittal (People Group) Vineet Suchanti (Keynote Capital) and an elite group of professional heading consulting, stock Broking and logistics companies.
XSTOK is a mobile, auction-based marketplace for overstock apparels, home textiles, fabrics and yarns.
Sanjiv Khandelwal and Mihir Shah founded XSTOK in July this year. Since inception, it has carried out close to 150 auctions with a transaction value of above $150K (INR 1 Cr).
XSTOK offers an austere platform for sellers to help save money and time to stock inventory. The average ticket size of goods for auction on its platform varies from $2000 to $15000 (INR 1.5 lakh to INR 10 lakh).
XSTOK’s supplier clients included textile manufacturers like Garden Vareli, Bombay Dyeing, denim maker Arvind and towel manufacturer Welspun group.
With the newly raised funds, the startup plans to get new suppliers on board for the categories which it plans to launch over the next two months.
Sanjiv Khandelwal, founder of XSTOK said, “We will soon announce our partnership with international brands in the apparel space. We currently hold export surplus licence to sell these branded garments.”
He added that XSTOK has seen interest from distributors and retailers, and will introduce yarns, which is a large category, by next two months.
Companies pursue e-auction to provide price transparency in a largely unorganised market. There have been many ecommerce startups following the e-auction pattern.
Gurgaon-based refurbished goods retailer Reverse Logistics owned online portal, GreenDust.com, had launched its business-to-business (B2B) e-auction platform in December last year. Instahyre is another auction platform, which helps companies hire best talent.
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