Raw Material Sourcing Startup Ximkart Raises $2.4 Mn In Funding
Ximkart, a cross-border raw material sourcing startup, has raised $2.4 million in funding led by Matrix Partners.
The funding round also saw participation from Multiply Ventures, Better Capital, and Citius Ventures and marquee angel investors, including GGV’s Hans Tung, Udaan’s Sujeet Kumar, and founders of Ula, OfBusiness and Zetwerk.
As per the startup, the raised funds will be used to strengthen its position in existing categories, launch new categories and expand to new geographies across procurement, sales, technology and operations.
XIMKART | Global Raw Material Sourcing Platform
Founded by Sharan Urubail and Ankush Mittal in 2022, Ximkart is a raw material sourcing platform with a mission to be the primary source of raw materials for manufacturers globally.
Its cross-border supply chain and tech solutions ensure manufacturers have access to the best quality raw materials at the right price.
Speaking about the development, Sharan Urubail, Co-founder and CEO of Ximkart, said,
“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.”
The raw material sourcing startup aims to simplify the process of procuring and importing raw materials for manufacturers by providing better discovery, quality, transparency and accountability while eliminating middlemen in the supply chain.
Commenting on the development, Sudipto Sannigrahi, Principal, Matrix India, said,
“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.”
A week earlier, Matrix also led the $10-million equity and debt raise of ZippMat, a Bengaluru-based full-stack supply chain as a service (SCaaS) startup.