Delhi-based Fabrication Bazar, a company that deals with the manufacturing of prefabricated steel products, has raised over Rs 7 crore in a seed funding round led by Inflection Point Ventures, a Gurugram-based angel investment firm.
Fabrication Bazar develops and utilizes the cloud fabrication concepts and provides end-to-end tracking from installing to completing the project. The startup is now aiming to expand the team, enhance technology, and scale operations to the export market.
Founded in 2016 by Dwaipayan Dutta (Co-Founder & CEO) and Mohit Garg (Co-Founder & CSO), The company said each of the founders brings a unique skill set from technology to manufacturing and business skills such as finance and strategy.
In the manufacturing sector, Fabrication Bazar said it has developed and incorporated a cloud fabrication concept and an end-to-end tracking platform using its own unique technological platform, not only helping customers to place orders more easily, but also enabling better cost, quicker delivery, and multilayer quality inspection.
In addition to exceptional delivery timelines and impeccable quality standards, the company’s vendor network has provided cost-effective solutions for projects worldwide. The company follows an asset-lite model and plans on expanding to the global market with a similar supply chain, the statement said.
According to the company’s statement, Fabrication Bazar follows the latest German standards for product design, development, and manufacture, but offers alternative American and Indian standards based on end-user requirements, locations, and applications.
It claims to have supplied to over 300+ customers (Some of them are large blue-chips, conglomerates, and Fortune 500 companies) in domestic and international markets and have often had customers come back with larger ticket size repeat orders.
The startup also said it has grown 165% in FY-22 with a confirmed order booking of Rs 130 crore for FY-23.
“We are empowering micro and small steel fabricators by driving the demand from large, process-driven corporates. The journey is challenging & turbulent. In IPV, we found not only an early investor but a partner and a guide to bring more clarity towards the critical path,” said Dwaipayan Dutta, Founder & CEO of Fabrication Bazar.
Speaking on the investment, Ankur Mittal, Co-founder of Inflection Point Ventures, said, “Fabrication Bazar is working to make the sector organized and cutting down on the customer’s obstacles post covid in terms of cost and delivery with their innovative technology. This unique platform, which aims to serve end customers and streamline the sector in every possible way, has already grown 165% in FY 22 with a confirmed order booking 0f Rs 130 Cr for FY 23. Such high-quality standards and impeccable solutions have led IPV to invest in the company and support them in their future endeavors”.
The industry is highly unorganized with many small fabricators as vendors on one side and large process-driven corporates as customers on the other side, and both have been encountering multiple challenges, it said.
Increasing manufacturing costs and post-COVID supply chain disruption have posed tough challenges for developed nations. With 300 million tonnes of projected steel production by 2030, India will be the second largest steel producer globally with competitive costing, it added.