Total amount raised
$2.4 Millions
Latest funding date
7/1/2023
Location
Ximkart has successfully raised funds through a Series A round, attracting notable investors such as FJ Labs, Matrix Partners India, and Z47. The platform specializes in sourcing raw materials for manufacturers, offering services like quality control, logistics, and flexible payment terms.
Keep reading to explore the intricacies of Ximkart's fundraising journey and the investors backing this innovative platform.
What Is Ximkart?
Founded in 2021, Ximkart is headquartered in Bengaluru, Karnataka, India. The company specializes in sourcing raw materials for manufacturers, ensuring quality control, and providing end-to-end logistics solutions.
With a team of 51-100 employees, Ximkart offers a buyer-focused payment structure and a curated network of vetted sellers. The platform simplifies the import process by acting as the buyer's eyes and ears on the ground.
Although the founders' names are not explicitly mentioned, Ximkart's innovative approach has quickly made it a key player in the global raw material sourcing industry.
How Much Funding Has Ximkart Raised?
- Seed Round
- Amount Raised: $2.4M
- Date: September 2022
- Lead Investors: Matrix Partners India
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen Ximkart's position in existing categories, launch new categories, and expand to new geographies.
- Series A
- Amount Raised: Undisclosed
- Date: July 2023
- Lead Investors: FJ Labs
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely aimed at supporting the company's expansion and operational scaling.
Total Amount Raised: $2.4M
Current Valuation: Not publicly disclosed
Key Investors
- Matrix Partners India
- Details: Founded in 2006, Matrix Partners India is a venture capital firm that invests in early-stage companies targeting the Indian consumer and enterprise market. They have advisory offices in Bangalore, Delhi, and Mumbai.
- Investment Focus Areas: B2B marketplaces, consumer and enterprise market, seed and early growth stages.
- Notable Investments: Ola, Practo, Quikr.
- Multiply Ventures
- Details: Multiply Ventures is a venture capital firm focused on early-stage investments. They aim to support startups with innovative solutions and high growth potential.
- Investment Focus Areas: Early-stage technology-driven startups.
- Notable Investments: Specific notable investments are not mentioned.
- Better Capital
- Details: Better Capital is an early-stage venture capital firm that invests in technology-driven startups. They focus on providing seed funding to promising new ventures.
- Investment Focus Areas: Technology-driven startups, early-stage investments.
- Notable Investments: Khatabook, Teachmint, Open.
- Citius Ventures
- Details: Citius Ventures is a venture capital firm that invests in high-growth potential startups. They aim to support companies that can scale rapidly and disrupt their industries.
- Investment Focus Areas: High-growth potential startups.
- Notable Investments: Specific notable investments are not mentioned.
- Angel Investors
- Details: Includes notable individuals like Sujeet Kumar (co-founder of Udaan), Hans Tung (Managing Partner at GGV Capital), and founders of Ula, OfBusiness, and Zetwerk.
- Investment Focus Areas: B2B marketplaces, e-commerce, supply chain solutions.
- Notable Investments: Sujeet Kumar (Udaan), Hans Tung (Airbnb, Square, Wish).
What's Next for Ximkart?
As Ximkart looks to the future, the opportunities are vast. With India importing over $175 billion worth of raw and semi-finished goods annually, the potential for growth is immense. The company aims to expand its customer base beyond the current 50 manufacturers and enter new raw-material categories. This expansion could significantly streamline the import process, providing better discovery, quality, and transparency in the supply chain.
Future fundraising seems likely as Ximkart scales its operations. The initial seed round and the involvement of prominent investors suggest that additional funding rounds could be on the horizon. This financial backing will be crucial for supporting the company's ambitious growth plans, including geographical expansion and technological advancements.
However, challenges remain. Navigating the complexities of international trade and logistics, ensuring consistent quality, and competing with established players are significant hurdles. As Ximkart grows, managing these challenges will be essential to maintaining its competitive edge and achieving long-term success.
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