New Delhi, February 15, 2024- Metalbook, a digital platform for the global metals supply chain, announces launching of new business verticals, product categories and a user friendly, tech-first app post its Series A funding round of $15 million in June 2023. The round was led by Rigel Capital, with participation from FJ Labs, as well as existing investors, Axilor Ventures, Foundamental, Stride Ventures, Trifecta Capital, and others.
Founded in 2021, Metalbook helps enterprise & SME customers through their entire metal manufacturing & procurement cycle, including buying, selling, excess inventory liquidation, customization, logistics, financing, e-auctioning, scrap recycling, credit & project management solutions.
Metalbook, a rapidly expanding B2B platform in India, is anticipated to achieve an annualized revenue run rate of $200 million by the end of FY24, demonstrating a growth of over 15 times in the past two years. The company has been profitable and caters to over 1,000+ customers across 450 markets and has recently launched new categories across Copper, Aluminium, Metal Scrap and has built out a global footprint of processing centers, recycling networks and 1,000+ suppliers across 80 geographies.
Speaking on the announcement, Raghavendra Pratap Singh, Co-founder, Metalbook said, “Our expanded global footprint and entry into new metal categories exemplifies our commitment to serving a diverse range of industries. As we look to the future, we feel that our solid foundation of integrity, innovation, customer centric approach and sustainability will enable us to achieve growth and profitability at scale. 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.’’
Nandan Venkatachalam, Principal at Axilor Ventures, that led the company’s seed round in 2022 commented, “Metalbook has demonstrated strong, capital efficient execution and ability to expand into new verticals. They have emerged into one of the fastest growing marketplace businesses in the world. We are glad to double down on this round as they continue to build out their global footprint and add new business verticals.
Shubhankar Bhattacharya, General Partner at Foundamental – “ We are thrilled to triple down on our seed investment in Metalbook. Under the leadership of RP, Pulkit and Aman, Metalbook has blossomed into the pre-eminent one-stop-shop for the metal industry by offering a suite of solutions enabling the Circular economy. We have been fortunate to witness their rise as a cash-efficient growth machine from Day-1 as insiders, and are excited to see them build on their market leading position.”
Looking ahead, Metalbook is poised to deepen its impact on the manufacturing and infrastructure supply chains playing a pivotal role in streamlining both ferrous and non-ferrous metal sourcing, logistics, and financing solutions for large-scale global projects.
About Metalbook – Metabook is a digital supply chain platform for the global metals industry. Through its technology led platform, the company helps manage the entire metal manufacturing & procurement cycle, including buying, selling, excess inventory liquidation, customization, logistics, financing, e-auctioning, scrap recycling, credit & project management solutions. The company is among the fastest growing marketplaces, globally.
About Axilor Ventures – Axilor Ventures is among the leading seed funds in India and invests in early-stage startups across sectors in the supply chain/B2B commerce, Enterprise SaaS, Healthtech, AgriTech, Fintech, and consumer internet spaces. Axilor has invested in companies such as Wiz Freight, Vyapar, Detect, Capgrid, Metalbook, Medfin and Enkash, amongst others.
About Foundamental – Foundamental is the largest global investor in technology for construction, architecture, engineering, design, renovation, blue-collar, and their supply chains and logistics. Foundamental backs ambitious, early-stage founders across Asia-Pacific, the Americas, Africa and Europe and was an early investor in several category-defining startups, including Infra.Market, Wiz, Snaptrude, Enter, Metalbook, Speckle and Forge
