Noida, an India-based wholesale cross-border marketplace for Indian artisans, Lal10 raised USD 5.5 million in pre-Series A funding. The round took place on July 19, 2022. Yuj Ventures (Xander Group) and Beyond Capital Ventures led the financing for Lal10. Meanwhile, Spiral Ventures, Singularity Ventures, Asymmetry Ventures, Blacksoil, Panthera Peak, and Pegasus FinInvest joined in the investment.
Prominent angel investors such as Nitish Mittersain of Nazara Technologies, Bikky Khosla from TradeIndia, Ashok Gudibandla from Notion and Kishore Ganji of Astir Ventures participated in the pre-Series A funding.
The round was a mixture of equity and debt. Equity funding comprised USD 4 million, whereas the rest came in the form of debt.
Purpose of Funding by Lal10
The MSME-focused platform seeks to expand its global footprint across markets such as the US, Japan, and the Middle East.
Lal10, with the recent capital infusion, plans to expand its tech-based supply chain solutions to buyers. It wants to enhance technology innovations for MSMEs catering their design to digitalisation needs.
Besides, the company aims to reach a USD 100 million run rate in the next 12 months by tapping into the household textile category.
What the founder has to say
Maneet Gohil, CEO & Co-founder of Lal10, 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. India’s $3.5 billion export GDP in creative produce comes from a handful of production hubs like Panipat, Moradabad, Saharanpur, Jaipur, and Tirupur. But, India has a production appetite of over $160 billion with tier III and IV production hubs like Bhagalpur, Pochampally, Maheshwar and Amroha, which are yet to come on the global map.”
He further added, “We are making Bhagalpur the next Panipat by enabling contemporary designs, technology innovations for a transparent supply chain, and digitising inventories of sustainable products for discovery to global buyers 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.”
What the investor has to say
“Yuj is pleased to support their vision of creating value for unsung artisans while unleashing a billion-dollar opportunity in global markets. By building a cross-border platform for empowering Indian craft-based MSMEs across the smaller towns and cities of India, Lal10 is creating a systemic change with their efficient tech-enabled supply chain,” said Sid Yog, founder of Yuj Ventures.
In addition, Sujit Kunte, Head of India, Spiral Ventures, said, “They have also honed delivery in smaller lots with shorter times. We are looking forward to supporting them in their Japan market entry.”
About Lal10
Maneet Gohil, Sanchit Govil, and Albin Jose co-founded Lal10 in 2017. The Noida-based startup is an MSME-focused platform that operates an online cross-border wholesale platform for Indian artisans. Earlier in 2020, Lal10 raised USD 1.1 million in pre-Series A funding. US-based investment firm Sorenson Impact and angel investors led the round back then for the firm.
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