Natural fiber supply chain start-up ReshaMandi expects revenue to grow five-fold to Rs 2,000 crore in this financial year, driven by portfolio diversification and expansion overseas, a senior company official said.
ReshaMandi Founder and CEO Mayank Tiwari told PTI that the company is building a digital farm-to-retail ecosystem for the natural fiber supply chain and is now looking to replicate its Indian business model on foreign markets.
He said that within two years, ReshaMandi’s revenue has grown from Rs 20 crore in FY2021 to Rs 450 crore in FY22.
”While we started by focusing on silk, we have diversified our portfolio with other natural fibers such as cotton, jute, viscose and bamboo.
“Today, we serve the entire natural fiber ecosystem from farmers, reels, weavers, retailers, mills, manufacturers, brands, exporters, designers and are confident to make a revenue of Rs 2,000 crore in FY23,” Tiwari said.
In India, the company claims to have onboarded over 41,000 farmers, 5,500 reels, over 7,000 weavers and 3,300 retailers and connects them with each other to do business through its app.
The company plans to boost its business through business expansion in the Middle East, Europe, North and South America and Southeast Asia.
Tiwari said there was a greater propensity for people to spend money on fashion, mainly because for two years everyone had been sitting at home.
”You will celebrate Diwali with your loved ones, you will go out, you will venture out. It’s going to see a lot of movement,” Tiwari said.
He said there were talks of a global slowdown, but ReshaMandi did not see any similar impact on the textile segment.
The company had raised $30 million in October from a group of investors and is seeking to raise additional funds to facilitate a broader credit cycle for its business partners.
Tiwari said the company has had positive cash flow for the past two years and is using it to boost revenue. He said the company expects to become profitable in the next fiscal year.
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