Gurgaon-based Metalbook, a SaaS startup aiming to digitize the global supply chain for the metal industry, has raised $5 million in a seed funding round led by Axilor Ventures, with participation from Foundamental, RTP Global, Stride Ventures, and a few angel investors.
Metalbook, which recently received its export license, will use the raised capital to expand its geographical presence, strengthen the network of processing centers, build the team, and enhance its cloud factory platform.
Founded in 2021 by Raghavendra Pratap Singh, Aman Tibrewal, and Pulkit Baldev, The startup currently works with over 500 global metal manufacturers, dealers, and suppliers across the value chain. It caters to over 350+ customers, providing them with a premium metal procurement experience.
“We are here to provide a premium procurement experience to the consumer in the most orthodox industry having low tech penetration. India is currently the second largest steel producer, Metalbook aims to enable and expand the reach of Indian-make steel products to the whole world,” said Pulkit Baldev.
Speaking on the investment, Nandan Venkatachalam, Principal at Axilor Ventures, said, “Verticalised full-stack platforms are the need of the hour for global supply chains. Metalbook’s platform is helping the iron and steel industry decentralise global supply and demand. With India as the second largest producer of steel, this is a great supply base for the company to start with as it begins global operations.”
“The international market is a $3 trillion opportunity in itself which is ripe for disruption and we believe that we should successfully be able to replicate our success achieved in India to other geographies,” Pulkit said.
Metalbook said that it works with top global steel companies such as ArcelorMittal, Nippon Steel, Tata Steel, JSW, EU Metals, JSPL, etc., and several enterprise customers onboard such as DLF, BL Kashyap, Bygging, etc.
The startup also said it is currently doubling its top-line Q-o-Q, profitably, and aims to reach a $100 million+ run rate by FY24. Additionally, It also plans to expand to other metal categories such as Aluminium and Zinc.