Of the funding, $4 million was in equity funding while the rest was in the form of debt.
Spiral Ventures, Singularity Ventures, Asymmetry Ventures, Blacksoil, Panthera Peak and Pegasus Fininvest also participated in the round.
Nitish Mittarsain of TradeIndia, Bikki Khosla of TradeIndia, Ashok Gudibandla from Notion and Kishor Ganji of Astir Ventures were among the angel investors who also invested in the funding round.
The company said it will use the capital to expand into the United States, Japan and the Middle East and expand its technology-based supply chain solutions for buyers and technology innovations for micro, small and medium enterprises (MSMEs) .
“Given the potential of MSME industry, red10 The target is to reach a $100 million run rate over the next 12 months with a focus on the home textiles segment.
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Founded in 2017 by Manit Gohil, Sanchit Govil and Albin Jose, LAAL is a tech-enabled full-stack platform for 10 craft-based MSMEs, with over 2,200 craft MSMEs, to digitize and digitize their inventories for global wholesale. As you use the app to become proficient with contemporary design. Trend and source raw materials directly from factories.
“RED10 is building technologies for the next craft revolution. As a brand, we want to digitize the entire craft industry in India and prepare them for global wholesale,” said its chief executive officer Maneet Gohil.
India’s export GDP of $3.5 billion in creative products comes from a handful of production centers such as Panipat, Moradabad, Saharanpur, Jaipur and Tiruppur. He said, however, India, with Tier III and IV production hubs like Bhagalpur, Pochampally, Maheshwar and Amroha, has a production capacity of over $160 billion, which is yet to hit the global map.
The company raised its seed round in March 2020 from US-based impact investment platform Sorenson Impact and a few angel investors.
Sid Yog, Founder, Yuz Ventures said, “Lal10 is driving a systemic transformation with its efficient tech-enabled supply chain, by building a cross-border platform to empower Indian craft based MSMEs in small towns and cities of India. Is.” platform investment platform.
According to Lal10, the business-to-business or B2B rural-sourcing market is large, highly disorganized and geographically segregated. But with the advent of cheap, ubiquitous internet and smartphones in rural areas of India, the sector is set for disruption. There is an untapped opportunity to leverage technology and software applications to overcome the challenges connecting SMEs with retailers in India and abroad and build a robust global supply chain.