- Investors Saama Capital, India Quotient, among other angels participated in the funding round.
- The startup will also use the funding to make simple, better, and faster cross-border trading platform.
Gurugram-based cross-border trading startup GlobalFair, on February 8, announced that it has raised $2 million (or about Rs 14.5 crore) in a seed funding round led by India-focused early-stage investor Saama Capital and Mumbai-based investment firm India Quotient.
Other investors including Razorpay’s co-founders Shashank Kumar and Harshil Mathur from RazorPay, CRED’s Kunal Shah, and Fynd co-founders Harsh Shah and Farooq Adam, also participated in the funding round.
The startup will use the funding to expand its network of manufacturers across India and Vietnam, and bring growth across all verticals to build a simple, better, and faster cross-border trading platform in the country, the statement said.
Founded in 2020 by IIT alumnus Shaily Garg and Ashish Chandra, GlobalFair (GlobalFair Technologies Pvt. Ltd.) GlobalFair is a B2B cross-border trading platform that allows businesses to connect and trade at reasonable best rates.
The founders said that they are working to digitize the cross-border B2B trading economy like Amazon and Flipkart did to the retail shopping.
Commenting on the development, Shaily Garg, CEO & Co-founder, GlobalFair, said, “With a supplier base across Rajasthan, Himachal Pradesh, Gujarat, and Andra Pradesh, and buyers across the US, South Korea, and Vietnam, we have seen the affinity of our customers to turn to a technology-first solution in a very people-driven industry.”
Speaking on the investment, Ash Lilani, Managing Partner of Saama Capital, said, “The Global Fair approach of disrupting a fragmented and traditionally run cross-border trade segment by leveraging technology and improving transparency and efficiency creates a huge market opportunity, especially for the global buyer.” YourStory reported.
“Our USP is our end to end solutions from sourcing, organized production, price negotiation, quality inspection, technical evaluation with pattern designing, cost-effective shipping, and timely delivery,” it said.
It currently located in India, USA, South Korea, UK, and Vietnam.