ReshaMandi, a B2B ecommerce marketplace and supply chain management platform for silk raised $30 million in Series A led by Creation Investments along with 9 Unicorns, Venture Catalysts, Sandeep Singhal from Nexus, Brijesh Agarwal, founder of IndiaMART & Omnivore.
ReshaMandi uses its proprietary AI and IoT technologies to manage the silk supply chain, it provides a full-stack ‘farm to fashion’ service, interacting with different parts of the supply chain at all levels. Starting from the farmers, it uses AI and IoT technologies to improve moriculture and sericulture yields.
After that, it uses scientific grading of cocoons to fairly price the raw product and make procurement easier for silk reelers. With AI-led yarn grading and linkages, ReshaMandi assures cost-effective procurement of yarn for the weavers. Retailers and other businesses can then source the woven product, being assured of its source, quality and sustainability. ReshaMandi charges a small commission for each transaction in the chain.
The startup positions itself as a grassroots level enabler that works directly with sericulture farmers, fabric weavers, silk reelers, and retailers. As of today, the startup works closely with 25,000 farmers, 1500 reeling plants and 1000 weaving units; helping them sell over INR 15 Cr worth of cotton.