Merchandising and shipping solution provider Silq has raised $17.6 million (around Rs 135 crore) in a Series A funding round co-led by F-Prime Capital and Flexport Ventures, the company said in a statement on Wednesday.
Eight Roads Ventures India along with existing investors RTP Seed, Forum Ventures and other angels also participated in the round, the statement said.
The California-based startup plans to deploy the fresh capital to expand Silq’s global footprint of factory partners, and grow its team of trained experts, including on-site merchandisers and quality inspectors across Asia, it said. Part of the funds will also be used to strengthen Silq’s technology platform, equipping brands with crucial production data and updates.
"Our mission is to build an information highway that makes transactions efficient, fast and reliable for all stakeholders in the supply chain,” said Ram Radhakrishnan, CEO of Silq.
“At Silq, we are solving the hardest supply chain problem of them all, providing real-time visibility from the factory floor by leveraging people and technology. We augment the capabilities of Silq experts with an intuitive mobile application that enables them to share updates with brands with poise and precision," added Radhakrishnan.
Founded in 2020, Silq powers sourcing, manufacturing and shipping for apparel, footwear, home goods and accessory brands. Its clientele includes direct-to-consumer and wholesale fashion and apparel brands such as Barry’s, Mightly, Mizzen+Main and Lambert, among others.
Kavish Kothari, Principal, Eight Roads Ventures India, noted that the pandemic has disrupted traditional supply chains the world over and there is a need for reliable technology partners like Silq to help maintain, manage, and enhance the global supply chain.
