Aksum Trademart, a business-to-business (B2B) start-up specializing in supplying raw materials to MSMEs, plans to raise USD 25 million (about Rs 199 crore) from investors to fund its expansion plans. The company has hired a boutique investment banking firm to help raise capital.
“We plan to raise capital in stages in line with our growth milestones and invest in technology. In line with the growth stages, we are looking to raise $25 million over the next 12 months,” said Sumit Bhatia, co-founder of Aksum Trademart.
The company is in talks with start-up investors and family offices to meet capital needs, said fellow co-founder Ankit Jain, adding that the digital supply chain of the future will force companies to outsource. that is to take advantage of the supply chain. as a service (SCaaS).
Benefits include end-to-end connectivity, improved productivity, reduced costs, increased flexibility and better asset management, Bhatia said.
On the debt front, he said, the company recently closed a factoring limit of Rs 2.4 crore with an NBFC to step up its business operations. Other such partnerships with other NBFCs and banks are under discussion.
Within seven months, Bhatia said the company had been able to nurture relationships with companies such as L&T, Jindal Stainless and Tata Projects and supplied over 200 storage units across categories such as steel, coal, tiles, paint, polymer and chemicals to customers