Gurugram-based B2B cross-border building materials’ supply chain startup GlobalFair has raised $20 million in its Series A funding round led by Lightspeed. The Series A funding round, which was a mix of equity and debt, also witnessed the participation of Saama Capital, India Quotient, AUM Ventures and Stride Ventures.
GlobalFair said in a statement that the funds would help deepen its manufacturing base across India and Vietnam. It added that it would also launch capital finance solutions and build a sustainable end-to-end synchronised cross border supply chain accessible online to global buyers.
GlobaFair CEO Shaily Garg said, “With a clear focus on affordability and sustainability in the current real estate market, our technology-first solution has transformed the global supply chain of building materials. Our in-house software has automated an order’s entire “discovery to delivery lifecycle through a three-way buyer, supplier, and provider integration.”
The fresh fund will provide impetus to the team
In 2020, IIT alumni Shaily Garg and Ashish Chandra founded GlobalFair, which provides procurement as a service and works with quartz, tiles, and cabinets. Transparent pricing, real-time tracking, and cutting-edge machinery and technology are among their distinguishing features.
The company specializes in ready-to-install custom products for the multi-family residential and commercial hospitality markets in the United States. It intends to expand the current 110-person team spread across the United States, Vietnam, and India, as well as establish new supply bases. The new funds will also grow the team, scale the business, and develop new products.
Its unique selling points are upfront pricing, real-time tracking, and cutting-edge machines and technology. It also reduces supply chain costs by maximizing load capacity utilization and employing predictive demand manufacturing models.
The company has grown 300 percent each year, with 93 percent of customers returning, and has expanded to 36 states in the United States.
Bejul Somaia, a Partner of Lightspeed, said, “The pandemic exposed structural issues in cross-border supply chains and heightened the need for transparency, visibility, and diversification in procurement. GlobalFair is using technology to address these issues for the global construction and building materials industry.”