ReshaMandi agritech startup acquires fresh funding of $1.7 from Omnivore and Strive Ventures

• ReshaMandi agritech startup acquires fresh funding of $1.7 million in a seed funding round.
• The fresh funding will be used to support the expansion of the platform beyond Karnataka
• The platform is ready to introduce India's first technology-led distribution model to reduce overseas silk imports and improve the performance of farmers.

ReshaMandi, an agritech working to digitize the silk supply chain on Thursday has announced that the platform has raised fresh funding of $1.7 million in a seed funding round. According to the company, funding was driven by Omnivore and Strive Ventures with participation from Axilor Ventures and Supply Chain Labs (Lumis).

Agri Industry is currently a very lucrative industry with an increase in the share of agriculture in GDP  to 19.9 percent in 2020-21 from 17.8 percent in 2019-20. it has been attracting many FMCG leaders and the ReshshaMandi has the potential to lead over competitors and capture significant market share.

Set up in April 2020 by Mayank Tiwari (CEO), Saurabh Agarwal (CTO), and Utkarsh Apoorva (CBO), ReshaMandi is building a full-stack platform to holistic solutions including organizing 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.

According to the press release, the founders have a plan regarding utilization of funding for the various purpose but the main among them is the objective company set with fresh funding is they’ll strengthen their platform and expand their presence beyond Karnatka across other serving customers demanding silks in other important slik hubs such as Maharashtra and Tamilnadu.

Speaking on the new developments, Mayank Tiwari working, co-founder and CEO of RashaMandi said,” our platform is all set to introduce India's first technology-led distributions model to India’s 10 billion silk industry. Our goal is to reduce the overseas import of silk by helping farmers to increase production and improve quality.”

Siddharth Verma, Investment Manager at Strive Ventures, added, “ReshaMandi is enabling Indian sericulture farmers and other key players in the value chain compete with the Chinese mass silk manufacturing hubs. Through mobile apps, IoT devices, and tech-enabled grading systems, ReshaMandi is enabling farmers to increase production, lower wastage, improve quality, and get access to better pricing.”

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