The investment was led by the Rajiv Dadlani Group and Equanimity Ventures and also saw participation from Family Offices and HNI (High Net worth) investors
Mumbai: The Yarn Bazaar, the online B2B managed marketplace that caters to yarn-related requirements of businesses has raised Rs 150 million in their Pre-Series A Round, the company announced in a press release. The investment was led by the Rajiv Dadlani Group and Equanimity Ventures and also saw participation from Family Offices and HNI (High Net worth) investors.
The latest round of funding has also witnessed participation from Family Offices of, Arihant Patni, Ekta Kapoor of Balaji Films, Ritesh Malik of Innov8, Aakrit Vaish of Haptik, Sumeet Srivastava of Spocto. Cred’s Miten Sampat, also participated in the round, along with textile industry stalwarts Anil Mansingka and Dr Amit Lath, Sharda Group of Companies, Nikunj Bagdia of Ken Enterprises and Vineet Garg of Shri Ram Sarup Garg Cotton Mills.
The funding will primarily be used to solidify its base by building a strong senior leadership team, the release added.
The Yarn Bazaar will also use the funds to expand its operations by increasing its market reach, strengthening its technological infrastructure, and activating its existing inbound pipeline, to meet the growing demand. Additionally, the Yarn Bazaar will be investing further to enhance its online presence and improve the overall user experience, allowing suppliers and buyers to connect more easily, as well as access helpful resources and data.
Commenting on the funding announcement, Pratik Gadia, founder and chief executive officer, The Yarn Bazaar, said, “The current round of funding we have received from the Rajiv Dadlani Group, Equanimity and all our other investors is a testament to their trust in our business model and future potential. We are committed to endeavouring continuously to improve our platform and offerings, thereby creating a favourable ecosystem for yarn buyers and sellers.”
The company burst into prominence, during the first season of Shark Tank India, when it successfully secured Rs 1 crore in funding from prominent entrepreneurs and investors Peyush Bansal, co-founder and chief executive officer, Lenskart; Ashneer Grover, previously founder, BharatPe; Anupam Mittal, founder and chief executive officer, Shaadi.Com, and Aman Gupta, co-founder and chief marketing officer, boAt.
Since its inception in 2019, The Yarn Bazaar platform has already completed over Rs 370 crores worth of transactions, with an average order value of Rs 19 lakhs. It is important to note that all transactions involved 100% advance payments (pre-shipment) by the buyers, which is a stark departure from the way the industry has traditionally operated.
