Raw-Material Sourcing Start-Up XimKart Raises $2.4 Million Led By Matrix Partners

Updated on: 16 September 2022 9:25 pm

The report shows that cash on delivery (COD) orders remained the most preferred payment method, while preference for UPI grew by nearly 20 per cent from last year

Cash on delivery still top choice for online shoppers, but UPI gaining ground: GoKwik report Photo: The report shows that cash on delivery (COD) orders remained the most preferred payment method, while preference for UPI grew by nearly 20 per cent from last year

The cross-border raw material sourcing start-up XimKart has raised $2.4 million led by Matrix Partners India. The funds will be utilized to expand the company’s portfolio across categories and newer geographies.

Apart from Matrix Partners India, Multiply Ventures, Better Capital, Citius Ventures and marquee angel investors like Sujeet Kumar and Hans Tung have also participated in the funding round, according to a report by Entrackr. Founded in 2020, by Sharan Urubail and Ankush Mittal, the company provides easy solutions to import raw materials across borders, while weeding out the middlemen. The company focuses on helping both MSMEs and larger corporations, by providing the manufacturers direct access to raw materials from across the globe and easy payment methods.

It is competing with Fashinza and Groyyo in the cross-border raw material supply segment. While Fashinza has so far raised $100 million co-led by Prosus and Westbridge, Mumbai-based Groyyo has so far raised $40 million led by Tiger Global.

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Apart from investment in Ximkart, Matrix Partners also invested $10 million in equity and debt in Zippmat, a construction supply chain start-up, last week. Matrix Partners aims to raise $40 million as part of its fourth fund for emerging start-ups in India.