B2B Marketplace The Yarn Bazaar Raises Rs 15 Cr Funding
The Yarn Bazaar, a B2B marketplace for yarn-based products, has raised $1.8 million (Rs 15 crore) in a Series A funding round co-led by Rajiv Dadlani Group and Equanimity Ventures.
Family offices of Arihant Patni, Ekta Kapoor (Balaji Films), Ritesh Malik (Innov8), Aakrit Vaish (Haptik), Sumeet Srivastava (Spocto) and Miten Sampat (Cred), among others, also participated in the fundign round.
As per the startup, the freshly raised funds will be used to expand its operations, develop its technological stack, scale up its online presence, build its leadership team, and increase user experience for faster supplier-buyer relationships and access to resources and data.
The Yarn Bazaar | Marketplace For Yarn
Founded by Pratik Gadia in 2019, The Yarn Bazaar provides solutions for yarn-related requirements, including discovery, trading, financing, logistics, advisory, and market intelligence services.
The startup has built a modern, efficient, and transparently managed marketplace for yarns that allows yarn buyers and sellers to discover real-time yarn prices, information, and market trends.
Speaking about the development, Pratik Gadia, Founder and CEO, The Yarn Bazaar, said,
“At The Yarn Bazaar, we have a very clear vision and focus for the future, and we are grateful to all our investors for the confidence they have demonstrated in us. We are committed to continuously improving our platform and offerings, thereby creating a favourable ecosystem for yarn buyers and sellers. Exciting opportunities lie ahead, and we are laser-focused on our journey towards becoming the go-to platform for high-quality yarn.”
Since its inception, the B2B marketplace for yarn-based products claims to have completed over Rs 370 crore worth of transactions, with an average order value of Rs 19 lakh and all transactions involving 100 per cent advance payments (pre-shipment) by the buyers.
As per the firm, in a sector that works largely on credit, facilitating advance payments is a significant step towards addressing the problems of smaller textile companies and creating an equitable and nurturing ecosystem for all textile manufacturers.
According to a recent report by Avendus Capital, the gross merchandise value (GMV) of tech-enabled Business-to-business (B2B) marketplaces in India is projected to reach $125 billion by 2027.
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