Building materials supplier GlobalFair on Thursday said it has raised Series A funding of $20 million (around Rs 160 crore) in a mix of equity and debt led by Lightspeed Venture Partners, with participation from investors including Saama Capital, India Quotient, AUM Ventures and Stride Ventures.
The startup plans to use the funds to deepen its manufacturing base across India and Vietnam, launch capital finance solutions and build a sustainable cross-border supply chain.
Founded in 2019 by Ashish Chandra and Shaily Garg, GlobalFair specializes in ready to install custom products across the entire multifamily township and commercial hospitality segment in the US. The firm is planning to expand its 110 member team spread across the US, Vietnam and India and launch new supply bases.
It also aims to digitise the traditionally unorganized construction industry and bring more transparency across the supply chain, especially in the cross-border ecosystem.
“Through a three-way buyer, supplier and provider integration, our in-house software has automated the entire discovery to delivery lifecycle of an order. Our vision is to be the solution of choice for cross border trade in building materials,” said Garg.
“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,” said Bejul Somaia, partner, Lightspeed.
GlobalFair claims to have witnessed 300% year-on-year growth, with 93% repeat customers. The company has expanded across 36 states in the US, supplying to projects in the range of $100 million to $500 million from the India and Vietnam supply markets, it said in a statement.
Prior to this round, GlobalFair raised close to $2 million in its seed funding led by Saama Capital and India Quotient. Several angel investors, including Shashank Kumar and Harshil Mathur from Razorpay and CRED’s Kunal Shah, had also participated in the round.