Tuesday, July 16, 2024
Outlook.com
Outlook India
Outlook Business

The Yarn Bazaar Raises Rs 15 Crore From Rajiv Dadlani Group

Prior to this round, the company raised Rs 1 crore in funding in the first season of the entrepreneurship-driven show Shark Tank India

The Yarn Bazaar Raises Rs 15 Crore From Rajiv Dadlani Group
Pratik Gadia, Founder and CEO, The Yarn Bazaar

Outlook Start-Up Desk

POSTED ON June 20, 2023 1:12 PM

The Yarn Bazaar, a Bengaluru-based online B2B managed marketplace has raised Rs 15 crore in their Pre-Series A Round. The investment was led by the Rajiv Dadlani Group and Equanimity Ventures and also saw participation from Family Offices and HNI investors.
 
The company will utilise the funding to solidify its base by building strong senior leadership. The company will also expand its operations by increasing its market reach and strengthening its technological infrastructure. In addition to this, The Yarn Bazaar will enhance its online presence and overall user experience. 

Prior to this round, the company raised Rs 1 crore in funding in the first season of the entrepreneurship-driven show Shark Tank India. Peyush Bansal ( Co-Founder & CEO, Lenskart), Ashneer Grover (ex-Managing Director, BharatPe), Anupam Mittal (Founder & CEO Shaadi.Com) and  Aman Gupta, (Co-Founder and CMO, boAt) invested in the company. 

Since its inception in 2019, The Yarn Bazaar platform has claimed to complete transactions worth Rs 370 crore, with an average order value of Rs 19 lakh.

Commenting on the funding announcement, Pratik Gadia, Founder & 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. The current round of funding we have received from the Rajiv Dadlani Group, Equanimity and all our other investors is a testament to their trust in our business model and future potential. We are committed to endeavouring continuously to improve 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.”

Rajiv Dadlani, from the Family Office of the Rajiv Dadlani Group, said “We have tracked The Yarn Bazaar’s impressive growth journey for a while. They have immense potential and are also well poised, with their unique business model and the potential of the large textile market, ripe for disruption, to be a leading brand, in the yarn and textile industry. Pratik and Team, have a strong pedigree, rich experience and have built a solid foundation in their niche space. We are very excited to partner as long-term investors, and support them in their journey.”
 
Rajesh Sehgal, Managing Partner, Equanimity Ventures, said, "The Yarn Bazaar is building a full-stack solution for organizing the large, fragmented and unorganized textile value chain. Pratik and team are equipped with unique insights and experience of operating in the traditional textile sector and are rethinking the engagement between yarn buyers and sellers from first principles. We believe that Yarn Bazaar has the potential to streamline operations, improve efficiency, and create new growth opportunities for all stakeholders in the value chain and we are excited to partner with them on this journey."
 

  • Related Articles

    Zhang will continue to work as the CEO and chairman of the e-commerce company’s Cloud Intelligence Group

    Alibaba's Daniel Zhang Steps Down, Makes Way for Eddie Yongming Wu

    In his last stint, Sengupta was the managing director and chief executive officer (CEO) of the Indian Overseas Bank (IOB) for nearly 2.5 years

    BharatPe Nominates Partha Pratim Sengupta To The Board of Unity Bank

    The partnership will explore the potential application of emerging technologies like Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), and Augmented Reality (AR)/Virtual...

    Vendanta Group To Leverage Startups' Tech Under Pact With Meity-Nasscom CoE