MSME-focused Cross-border Platform Lal10 Raises $5.5 Mn Funding
Lal10, a wholesale cross-border platform, has raised $5.5 million in a pre-Series A round led by Yuj Ventures (Xander Group) and Beyond Capital Ventures.
The funding round also saw participation from several VC firms and prominent angel investors, including Blacksoil, Panthera Peak, Spiral Ventures, Pegasus FinInvest, Nitish Mittersain of Nazara Technologies, Ashok Gudibandla from Notion, Bikky Khosla from TradeIndia, and Kishore Ganji of Astir Ventures.
As per the startup, the raised funds will be used to expand aggressively in markets across the US, Japan, and the Middle East. Additionally, the startup will expand its tech-based supply chain solutions to buyers and technology innovations for MSMEs, empowering them with design to digitization to global wholesale discovery.
Lal10 | Effortless Wholesale Sourcing
Founded by Maneet Gohil, Sanchit Govil, and Albin Jose in 2017, Lal10 is an online cross-border wholesale marketplace helping international buyers source authentic products from reliable and verified Indian MSMEs.
Speaking on the development, Maneet Gohil, CEO & Co-founder of Lal10, said,
“Lal10 is building technologies for the next craft revolution. As a brand, we intend to digitize the entire craft industry in India and prepare them for global wholesale. India’s $3.5 billion export GDP in creative produce comes from a handful of production hubs like Panipat, Moradabad, Saharanpur, Jaipur, and Tirupur.”
The Noida-based startup is creating a maker’s revolution by digitizing small and medium rural manufacturers to take their sustainable products to global markets.
As per Maneet, India has a production appetite of over $160 billion with Tier III and Tier IV production hubs like Bhagalpur, Pochampally, Maheshwar, and Amroha, which are yet to come on the global map. Looking at the potential of the MSME industry, the Noida-based startup aims to reach a $100 million run rate in the next 12 months by focusing on the home textile category.
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