Ximkart, the cross-border raw material sourcer company, has received $2.4M with funding from Matrix Partners India. Multiply Ventures, Better Capital and Citius Ventures along with Sujeet Kumar from Udaan, Hans Tung of GGV Capital and Nipun Mehra from Ula and the founders of OfBusiness & Zetwerk, participated in this round.
Ximkart will make use of the funds to enhance its market share in its current categories, to create additional categories and to expand into other areas.
In 2022, the company was founded. Ximkart is an online platform to purchase raw materials with the goal of being the main source of raw materials for businesses across the globe. The supply chain that crosses borders and the technological solutions offered by Ximkart assure that manufacturers are able to access the finest raw materials with the best prices. Sharan Urubail as well as Ankush Mittal, the founders of Ximkart have degrees from IIT as well as IIM with a vast knowledge of B2B online commerce, such as Amazon, Flipkart, and Udaan.
As the Make-in-India movement growing at a rapid pace, India is on track to become a global manufacturing powerhouse. Ximkart simplifies the difficult and time-consuming procedure of importing the essential raw materials needed for manufacturing. With more than 20 million registered companies, India imports more than $175 billion worth of semi-finished and raw products each year. Consolidating the import of raw materials business into an integrated product that integrates supply chain consolidation and source-to factory technology solutions that span the areas of product discovery, credit, and logistics – has huge potential. Ximkart currently provides over 50 businesses in a variety of sectors of raw material.
Speaking about the present state of the country as well as the business, Sharan Urubail, CEO of Ximkart stated, “Ximkart has been launched to help our small and medium-sized enterprises to produce higher-quality products at lower prices , enabling them to be competitive with the top companies worldwide. To date there have been only a few of the largest manufacturers in our country were able to claim their sourcing capabilities with the label “world-class” – while a vast majority of our companies have depended for decades on the larger trader/importer community to find the right materials for their needs. Our platform offers manufacturers an easy access to the most reputable raw materials all over the world, along with simple payment and logistics solutions to make the purchase process easy. Our aim is to help in the progress India is taking towards becoming an international manufacturing hub.”
Sudipto Sannigrahi who is the Director, Matrix India, expressed “India is poised to be the largest manufacturing center in the world. One of the most important elements for making that happen is a robust global platform to source the raw materials that are essential to manufacturing. Sharan and Ankush have years of knowledge working on B2B marketplaces across the globe. We are thrilled to work with them to solve the import of raw materials for international manufacturers who supply the market of India.”