Mumbai, 19th June 2023: The Yarn Bazaar, a purpose-led, online B2B managed marketplace, providing a one-stop solution for all yarn-related requirements, including discovery, trading, financing, logistics, advisory, and market intelligence services, thereby creating a favourable and efficient ecosystem for yarn buyers and sellers, has raised INR 150 million in their Pre-Series A Round. The investment was led by the Rajiv Dadlani Group and Equanimity Ventures and also saw participation from reputed Family Offices and HNI investors.
The funding will primarily be used to solidify its base, by building a strong senior leadership team, also expand its operations, by increasing its market reach, strengthening its technological infrastructure, and activating its existing strong inbound pipeline, in order to meet the growing demand. Additionally, The Yarn Bazaar will be investing further to enhance its online presence and improve the overall user experience, allowing suppliers and buyers to connect more easily, as well as access helpful resources and data.
Founded in 2019, The Yarn Bazaar has already had a resounding start to its journey. The company is transforming the highly fragmented USD 200 billion textile industry, by solving for the broken supply chain and working capital constraints. The company burst into prominence, during the first season of Shark Tank India, when it successfully secured INR 1 crore in funding from prominent entrepreneurs and investors Peyush Bansal, Co-Founder & CEO, Lenskart; Ashneer Grover, previously Founder, BharatPe; Anupam Mittal, Founder & CEO Shaadi.Com, and Aman Gupta, Co-Founder and CMO, boAt. This early support has helped The Yarn Bazaar establish a strong foothold in the textile market.
The latest round of funding has also witnessed participation from a number of successful and prominent Individuals, as well as Family Offices of, Arihant Patni, Ekta Kapoor of Balaji Films, Ritesh Malik of Innov8, Aakrit Vaish of Haptik, Sumeet Srivastava of Spocto. Cred’s Miten Sampat, also participated in the round, along with textile industry stalwarts Anil Mansingka and Dr Amit Lath, Sharda Group of Companies, Nikunj Bagdia of Ken Enterprises and Vineet Garg of Shri Ram Sarup Garg Cotton Mills.
Since its inception in 2019, The Yarn Bazaar platform has already completed over INR 370 crores worth of transactions, with an average order value of INR 19 lakhs. It is important to note that all transactions involved 100% advance payments (pre-shipment) by the buyers, which is a stark departure from the way the industry has traditionally operated. In a sector that works largely on credit, facilitating advance payments is a significant step towards addressing the problems of smaller textile companies, and creating an equitable and nurturing ecosystem for all textile manufacturers.
Commenting on the funding announcement, Pratik Gadia, Founder & CEO, The Yarn Bazaar, said, “At The Yarn Bazaar, we have a very clear vision and focus for the future, and we are grateful to all our investors for the confidence they have demonstrated in us. The current round of funding we have received from the Rajiv Dadlani Group, Equanimity and all our other investors is a testament to their trust in our business model and future potential. We are committed to endeavouring continuously to improve our platform and offerings, thereby creating a favourable ecosystem for yarn buyers and sellers. Exciting opportunities lie ahead, and we are laser-focused on our journey towards becoming the go-to platform for high-quality yarn.”
Mr. Rajiv Dadlani, from the Family Office of the Rajiv Dadlani Group, said “We have tracked The Yarn Bazaar’s impressive growth journey for a while. They have immense potential and are also well poised, with their unique business model and the potential of the large textile market, ripe for disruption, to be a leading brand, in the yarn and textile industry. Pratik and Team, have a strong pedigree, rich experience and have built a solid foundation in their niche space. We are very excited to partner as long-term investors, and support them in their journey.”
Mr. Rajesh Sehgal, Managing Partner, Equanimity Ventures, said, “The Yarn Bazaar is building a full-stack solution for organizing the large, fragmented and unorganized textile value chain. Pratik and team are equipped with unique insights and experience of operating in the traditional textile sector and are rethinking the engagement between yarn buyers and sellers from first principles. We believe that Yarn Bazaar has the potential to streamline operations, improve efficiency, and create new growth opportunities for all stakeholders in the value chain and we are excited to partner with them on this journey.”
About The Yarn Bazaar:
The Yarn Bazaar, a leading innovator in the yarn industry, has developed a state-of-the-art managed marketplace that revolutionizes the way yarn buyers and sellers transact. With a focus on modernity, efficiency, and transparency, The Yarn Bazaar platform empowers users to access real-time yarn prices, valuable information, and crucial market trends. By leveraging the proprietary processes and flexible financing options, yarn sellers can expand their market reach, boost sales, and achieve higher margins, while buyers can effectively reduce raw material and procurement costs. Through the power of technology, The Yarn Bazaar is propelling the yarn industry into the modern age, bidding farewell to outdated and opaque methods.
Website: https://theyarnbazaar.com/
LinkedIn: https://www.linkedin.com/company/theyarnbazaar/
