Metalbook has raised $15 million and Ayekart $6.5 million in their respective Series A funding rounds, while HomeLane and DesignCafe are finalising a share-swap merger.
Metalbook raises $15m led by Rigel Capital
Metalbook, a digital platform for the global metals supply chain, has raised $15 million in its Series A funding round led by Rigel Capital.
The financing also saw participation from FJ Labs as well as existing investors Axilor Ventures, Foundamental, Stride Ventures, Trifecta Capital, and others, the startup said in a statement.
Founded in 2021, Metalbook helps enterprise & SME customers through their entire metal manufacturing and procurement cycle including buying, selling, excess inventory liquidation, customisation, logistics, financing, e-auctioning, scrap recycling, credit and project management solutions.
“Our expanded global footprint and entry into new metal categories exemplifies our commitment to serving a diverse range of industries. As we look to the future, we feel that our solid foundation of integrity, innovation, customer centric approach and sustainability will enable us to achieve growth and profitability at scale. We want to make sure that there is enough of a track record for market investors to look at before we plan for an Initial Public Offer (IPO) in 4-5 years,” said Raghavendra Pratap Singh, co-founder, Metalbook.
Metalbook expects to achieve an annualised revenue run-rate of $200 million by the end of FY24. The company caters to over 1,000+ customers across 450 markets and has recently launched new categories across copper, aluminium, and metal scrap and has built out a global footprint of processing centres, recycling networks, and 1,000+ suppliers across 80 geographies.
Ayekart raises $6.5m from Omnivore, others
Agrifood fintech platform Ayekart has raised $6.5 million in its Series A funding round led by Omnivore, Siana Capital, and Unleash Capital Partners.
The startup will use the funds to to expand its operations nationwide and cater to a larger audience of FPOs (farmer producer organisations), food manufacturers, distributors, and retailers.
Founded in December 2020, Ayekart provides fintech and supply-chain solutions for traditional businesses in the agrifood value chain, boosting efficiency and convenience while preserving trust within the ecosystem.
The startup claims to operate in 18 states, has over 9,000 active merchants on its platform, and has successfully facilitated more than 2.5 lakh transactions with over Rs 21 billion lifetime GTV (gross traded value).
WestBridge to back HomeLane-DesignCafe merged unit
Home interior startups HomeLane and DesignCafe are finalising a share-swap merger with a stock split valuation of 85 to 15, The Arc reported.
The new entity will raise fresh funding of at least $7 million in a round led by WestBridge Capital, which already owns close to 50% of DesignCafe, the report said quoting a source.
This investment will happen at a 20% discounted valuation of around $270 million (Rs 2,250 crore). The size of the round could increase depending on the interest of new investors.
Design Cafe raised Rs 40 crore, led by private equity fund WestBridge Capital, Mirabilis Investment Trust, and venture debt fund Alteria Capital in March last year