Lal10 raises $5.5 million in funding led by Yuj Ventures, others
Lal10, an online marketplace for micro, small and medium enterprises (MSME) has raised $5.5 million (Rs 43 crore) in a pre-Series A round led by Yuj Ventures (Xander Group) and Beyond Capital Ventures.
The round also saw participation from Spiral Ventures, Singularity Ventures, Asymmetry Ventures, Blacksoil, Panthera Peak, Pegasus FinInvest and a host of angel investors.
The start-up will utilise the funds to expand aggressively in markets across the US, Japan, and the Middle East.
Commenting on the funding, Maneet Gohil, CEO co-founder of Lal10 in a statement said, “Lal10 is building technologies for the next craft revolution. As a brand, we intend to digitise the entire craft industry in India and prepare them for global wholesale. We want to thank all investors for placing their trust in us, our mission, and for joining hands to enable Lal10 to help 1.2 million Indian craft based MSMEs go global.”
Sid Yog, founder of Xander Group added, “Lal10 is creating a systemic change with its efficient tech-enabled supply chain by building a cross-border platform for empowering Indian craft-based MSMEs across smaller towns and cities of India. Yuj is pleased to support their vision of creating value for unsung artisans while unleashing a billion-dollar opportunity in global markets.”
Founded in 2017 by Maneet Gohil, Sanchit Govil, and Albin Jose, Noida-based Lal10 is an online cross-border wholesale platform helping grassroot MSMEs to take their sustainable products to global markets.
Copyright © 2022 FashionNetwork.com All rights reserved.