Lal10, a wholesale cross-border platform for Indian craftsmen, has received $5.5 million in debt and equity in its pre-Series A financing. The funds will be used to grow throughout the United States, Japan, and the Middle East, according to the firm.
Lal10, a wholesale cross-border platform for Indian artisans, has secured $5.5 million in pre-Series A debt and equity funding led by Yuj Ventures (Xander Group) and Beyond Capital Ventures.
The capital consisted of $4 million in stock and the remainder in debt. The round was also attended by Spiral Ventures, Singularity Ventures, Asymmetry Ventures, Blacksoil, Panthera Peak, and Pegasus FinInvest.
Angel investors that participated in the investment round included Nitish Mittersain of Nazara TechnologiesNSE -0.69 percent, Bikky Khosla of TradeIndia, Ashok Gudibandla of Notion, and Kishore Ganji of Astir Ventures.
The funding will be used to expand throughout the United States, Japan, and the Middle East, as well as to expand its tech-based supply chain solutions to buyers and technological breakthroughs for micro, small, and medium firms, according to the company (MSMEs).
“Considering the potential of the MSMEindustry,” it claimed, “Lal10 aspires to attain a $100 million run rate in the next 12 months, focused on the home textile category.”
Lal10 is a tech-enabled full-stack platform for craft-based MSMEs founded in 2017 by Maneet Gohil, Sanchit Govil, and Albin Jose, with over 2,200 craft MSMEs using the application to digitize their inventories for global wholesale, become skilled with contemporary design trends, and source raw materials directly from factories.
“Lal10 is developing technology that will power the next craft revolution. As a brand, we plan to digitize the whole Indian craft industry and prepare it for global wholesale,” said Maneet Gohil, the company’s CEO. A few of industrial centres such as Panipat, Moradabad, Saharanpur, Jaipur, and Tirupur contribute to India’s $3.5 billion export GDP in creative products