Ximkart raises $2.4M led by Matrix Partners India

Bengaluru, 15th September 2022: Ximkart, a cross border raw material sourcing startup, announced today that it has raised $2.4M in a Seed investment round led by Matrix Partners India. This round also includes participation from Multiply Ventures, Better Capital and Citius Ventures, as well as, marquee angel investors such as, Sujeet Kumar of Udaan, Hans Tung of GGV Capital, Nipun Mehra of Ula and founders of OfBusiness & Zetwerk.

Ximkart was founded in 2022 by Sharan Urubail and Ankush Mittal with a mission to be the primary source of raw materials for manufacturers globally - and has set out to reinvent how importing works. Their vision is to simplify the process for importing raw materials by providing better discovery, quality, transparency and accountability while eliminating multiple middlemen in the supply chain.

Ximkart will use this funding to strengthen its position in existing categories, launch new categories and for expansion to newer geographies - across procurement, sales, tech and operations.

India is heading towards being the manufacturing powerhouse of the world with the Make-in-India movement garnering significant momentum. Ximkart is simplifying the complex and cumbersome process of importing critical raw materials that are key to manufacturing. With over 20 lakh manufacturers registered in India, India imports more than $175B worth of raw and semi-finished goods every year. There is a large opportunity in consolidating the raw material import industry with a fully integrated product through supply chain consolidation and source-to-factory tech products - across product discovery, credit and logistics. Ximkart is currently serving over 50 manufacturers across multiple raw-material categories.

Commenting on this development, Sharan Urubail, CEO, Ximkart, said, "Ximkart has been launched with the aim of enabling our MSMEs to churn out better quality products at better prices to help them compete with the best in the world. Up until now, only some of our country's biggest manufacturers have been able to tag their sourcing capability as "world class' - while a large majority of our manufacturers have for decades depended on the broader trader/importer ecosystem to source their requirements. Our platform provides manufacturers with direct access to the best raw materials from across the globe - along with easy payment and logistics solutions to make the entire procurement process seamless. Our goal is to significantly contribute to the journey India is making towards being a global manufacturing epicentre.'

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. We are excited to partner with them as they solve the raw material importing process for global manufacturers supplying to India.'

About Ximkart:
Ximkart is a raw material sourcing platform with a mission to be the primary source of raw materials for manufacturers globally. Ximkart's cross-border supply chain and tech solutions ensures manufacturers have access to the best quality raw materials at the right price. Ximkart's founders, Sharan Urubail and Ankush Mittal, are alumni of IIT & IIM and have deep experience in B2B e-commerce (ex-Amazon, Flipkart, Udaan). Further information is available at https://www.ximkart.com/

About Matrix Partners India:
Founded in 2006, Matrix India invests in companies targeting the Indian consumer and enterprise market at the seed, early and early growth stages. The firm has invested in several category-leading B2B marketplaces such as OfBusiness (B2B Commerce, fintech), Captain Fresh (B2B seafood & animal protein marketplace), FarMart (SaaS-enabled agri outputs marketplace), LoadShare (tech-enabled logistics network), Vegrow (India's leading B2B marketplace for fruits), Bijnis (B2B fashion & footwear marketplace), Sourcewiz (SaaS-enabled B2B exports), ZippMat (construction supply chain platform) and Saveo (B2B marketplace for pharmacies).

Other marquee investments include Ola (mobility), Dailyhunt (mobile local language platform), Razorpay (payments), Five Star Business Finance (SME lending), Ola Electric (electric vehicles), Stanza Living (tech-enabled student housing platform), OneCard (mobile-first credit card), DealShare (social commerce platform), Country Delight (D2C dairy & fresh foods brand), Mswipe (mobile POS), GoKwik (e-commerce enablement platform), Zupee (leading skill-based gaming app) and Oxyzo (a tech-enabled smart financing solution provider) among others. Matrix India has advisory offices in Bangalore, Delhi and Mumbai. Further information is available at www.matrixpartners.in. To know more about our investment philosophy & ideologies, check out the #MatrixMoments podcast series.

For more information, contact:
pr@matrixpartners.in