ReshaMandi, a natural fibre startup operated by Shapos Services Pvt Ltd, on Tuesday said it has acqui-hired software development firm Hashtaag.
With the acqui-hire, ReshaMandi will look at increasing the scale of impact at the grassroots level and open new markets for natural fibre textile industry growth, said ReshaMandi in a statement without disclosing the financial details of the transaction.
Hashtaag’s expertise in application development in addition to the Internet of things(IoT), DevOps and network security solutions will enhance the processes set-up for digitising the natural fibre supply chain of ReshaMandi, it added.
Founded in 2015 by Vishveshwar Patil and JPA Suresh, Hashtaag is a custom software development company that offers exclusive services to innovate products for business growth.
“Technology is a driver for us here at ReshaMandi and this acquisition of HashTaag goes on to cement that," said Saurabh Agarwal, founder and CTO, ReshaMandi.
"Having seen the work of Vishveshwar Patil, JPA Suresh and what the team have accomplished over the past few years, I'm confident that they will strengthen our technology stack in terms of research, farm IoT and agri-business, impacting the lives of our bottom of the pyramid stakeholders in a meaningful way," added Agarwal.
ReshaMandi digitises the silk supply chain and provides full-stack support including logistics, finance and scientific testing to stakeholders. Recently, the startup ventured into direct-to-consumer (D2C) with its e-commerce platform ReshaWeaves.
Last month, VCCircle reported that ReshaMandi is in discussion with several global private equity and hedge funds to raise $100 million (around Rs 748 crore) and above at a valuation between $600million and $700 million.
In October 2021, the startup raised $30 million (approximately Rs 230 crore) as a part of its Series A funding round in an equity and debt mix led by global alternative investment manager Creation Investments.
VCCircle reported that Temasek-backed venture debt company InnoVen Capital invested in Reshamandi in August 2021.
