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Metalbook raises $15 Mn in Series A round

EntrackrEntrackr · 1y ago
Metalbook raises $15 Mn in Series A round
Medial

Metalbook, a platform for the global metals supply chain, has raised $15 million in its Series A funding round led by Rigel Capital, with participation from FJ Labs, as well as existing investors, Axilor Ventures, Foundamental, Stride Ventures, Trifecta Capital, and others. Axilor had led $5 million seed round in Metalbook in August last year. Metalbook is poised to deepen its impact on the manufacturing and infrastructure supply chains, metal sourcing, logistics, and financing solutions for large-scale global projects, the company said in a press release. Founded in 2021, Metalbook helps enterprise & SME customers through their entire metal manufacturing and procurement cycle, including buying, selling, excess inventory liquidation, customization, logistics, financing, e-auctioning, scrap recycling, credit and project management solutions. “..We want to make sure that there is enough of a track record for market investors to look at before we plan for an Initial Public Offer (IPO) in 4-5 years,” said Raghavendra Pratap Singh, co-founder, Metalbook. The Delhi-based startup claims to work with over 500 global metal manufacturers, dealers and suppliers across the value chain and currently caters to more than 1,000 customers. The company works with global steel players such as ArcelorMittal Nippon Steel, Tata Steel, JSW, EU Metals, JSPL et al and several enterprise customers such as DLF, BL Kashyap, Bygging, etc. It recently launched new categories across Copper, Aluminium, and metal scrap and has built out a global footprint of processing centers, and more than 1,000 suppliers across 80 geographies. Metalbook is anticipated to achieve an annualized revenue run rate of $200 million by the end of FY24, a growth of over 15 times in the past two years.

Related News

Zomato-backed AdOnMo raises $7 Mn

EntrackrEntrackr · 1y ago
Zomato-backed AdOnMo raises $7 Mn
Medial

Ad-tech firm AdOnMo has raised Rs 58.21 crore (around $7 million) in its Series B1 round. This is the first major infusion in the Hyderabad-based company after its Series A round led by Zomato last year. The board at AdOnMo has passed a special resolution to issue 36 equity and 4,156 CCPS at an issue price of Rs 1,38,850 each to raise Rs 58.21 crore or $7 million, its regulatory filing with the RoC shows. Healthcare veteran Ravindranath Kancherla and his son Kancherla Pruthvinath injected Rs 16.6 crore while Qatar Insurance Company and ZNL Growth (Z Nation Lab) pumped in Rs 8 crore and Rs 1.80 crore, respectively. Three dozen individual investors including Manish Kailash Chhabra, Vindhya Guduru, Vikram Malhotra, Usha Reddy Chigarapalli, and Desireddy Srinivasa Reddy also invested in AdOnMo’s Series B round. The company will use these investments for business expansion and to meet working capital requirements, according to the filing. According to the startup data intelligence platform TheKredible, AdOnMo has been valued at around Rs 858 crore or $105 million (post-money). During the ongoing fiscal year, the company also raised Rs 20 crore in debt from Northern Arc and Alteria Capital. Founded in 2016 by Sandeep Bommireddi and Sravanth Gajula, AdOnMo is an ad-tech company which provides targeted digital advertising to outdoor digital screens (residential & corporate parks) across 21 cities. As of now, the company has raised around $25 million across rounds including its $15 million round led by Zomato last year. Before this round, Zomato was the largest external stakeholder with a 17.49% stake followed by BAce Capital and Astarc Ventures. AdOnMo grew at a rapid clip in the last fiscal year as its revenue from operations surged four-fold to Rs 75 crore in FY23. Meanwhile, the company’s losses stood at Rs 38 crore in the same period.

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