Agritech startup ReshaMandi raised $1.7 mn in seed round led by Omnivore and Strive Ventures
ReshaMandi, an agritech startup digitising India’s silk supply chain, has raised $1.7 mn in seed funding. The funding round was led by Omnivore and Strive Ventures with participation from Axilor Ventures and Supply Chain Labs (Lumis). Would use this funding to strengthen their digital platform and expand beyond Karnataka, establishing a presence in other important Indian silk hubs such as Maharashtra and Tamil Nadu.
ReshaMandi is building a full-stack platform for organising the silk supply chain, providing services including quality testing, technical advisory, high-quality inputs, and market linkages at each node of the silk supply chain. Claims to have reached an ARR of $30 mn. The startup is working with more than 2300 farmers and has IoT devices deployed across 10 rearing centers.
Commenting on the occasion, Subhadeep Sanyal, Partner at Omnivore, said, "Despite India being the second-largest producer of silk globally, the industry is still unorganised and in urgent need of technology interventions across the supply chain. With sericulture farmers having very high smartphone penetration, it is an opportune time for a digital platform like ReshaMandi to address the existing inefficiencies."