The Yarn Bazaar, an online B2B managed marketplace has raised ₹15 crore in a Pre-Series A Round 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 senior leadership team, also expand its operations, increase its market reach, strengthen its technological infrastructure and activate its existing strong inbound pipeline, in order to meet the growing demand.
Enhancing online presence
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, said the company.
Pratik Gadia, Founder and 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. We are committed to continuously improving 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.”
Also read: Tying up. Online platform The Yarn Bazaar plans to take up financing, expand footprint abroad
Transactions
Since its inception in 2019, The Yarn Bazaar platform said it has completed over ₹370 crore worth of transactions, with an average order value of ₹19 lakh. All transactions involved 100 per cent advance payments (pre-shipment) by the buyers.
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, said the company.
The Yarn Bazaar has developed a managed marketplace. With a focus on modernity, efficiency and transparency, The Yarn Bazaar platform empowers users to access real-time yarn prices, information, and crucial market trends.