Reevoy raises $4m in seed round led by 9Unicorns and VCAT
B2B cross-border trade startup Reevoy, has raised a total of $4m as seed money, led by 9Unicorns and VCAT. The round also saw participation from Better Capital, Earlsfield Capital Partners, Kunal Shah, Anupam Mittal, Ketan Patel and Hanumantha Kumar.
Started in Oct 2020, by IIT Delhi, IIM, ISB alumni Ankur Khetan, Ishan Dadhich and Mohit Agarwal, Reevoy is a platform – which helps importers source high quality products from Indian exporters and provides working capital to finance the transactions. The funds will be invested in building its supply-chain technology and embedded finance capabilities. Dexter Capital was the advisor to Reevoy for this deal. Previously, in June 21, Reevoy had raised $1 million in a pre-seed round.
Global trade in textile, home goods and lifestyle category is a trillion-dollar industry. Indian exports are benefiting from global supply chain realignment and domestic support through the ‘Make in India’ initiative. This space is already witnessing a double-digit year on year growth. However, importers continue to face a lot more uncertainties when buying from India, compared to the vertically integrated supply chains of China and South-East Asia.
Reevoy is enabling big global brands in fashion and home décor to buy from India at the click of a button. Reevoy’s integrated tech platform is a one-stop destination for importers to find the right exporters; streamline the production process - from design to final quality checks; and purchase the goods on credit.
Reevoy is on a mission to create tech-powered, quality-assured supply chains for fashion and home-décor between India and the world. Reevoy supercharges mid-sized audited Indian factories with tech, bringing them on the cloud with their production management software. Reevoy has built a strong on-ground team which manages and inspects production ensuring that anything leaving the warehouses of Reevoy-accredited exporters exceeds the expectations of global importers – thus turning ‘Made in India’ into a hallmark of quality.
Ishan Dadhich, co-founder of Reevoy said, “In today’s world, where ordering a Rs 50 coffee on an app gives us hundreds of restaurants to choose from and shows us minute-by-minute visibility on the order progress – it is surprising that export orders worth millions are being managed the same way they were 50 years ago. Reevoy aims to turn this on its head, unlocking the India opportunity for global importers.”
Dr. Apoorva Ranjan Sharma, co-founder of 9Unicorns and VCATs said, “Reevoy is a first of its kind startup that is using technology to solve some real pain points for the Indian exporters with regards to supply chain and payments, helping them compete globally. With India’s share of global exports hitting record numbers and forecast to cross $400 bn in current fiscal, we expect massive opportunities for players like Reevoy.”
Anupam Mittal, CEO of People Group and founder of Shaadi.com said, “Reevoy is a matchmaker between Indian suppliers and global exporters. They are filling a gap which had so far made sourcing from India cumbersome, thus improving the performance and perception of ‘Made in India’. I wish this winning team all the best!”