Reevoy assists importers in locating products from Indian exporters and provides working funds to cover transaction costs. 9Unicorns and VCAT led a $4 million seed round for B2B cross-border trade startup Reevoy. Better Capital, Earlsfield Capital Partners, Kunal Shah, Anupam Mittal, Ketan Patel, and Hanumantha Kumar also participated in the round, according to the business, on 25th January.
The organization will use the funds to expand its supply-chain technologies and embedded finance capabilities.
Reevoy is a platform that lets importers discover products from Indian exporters and provides working capital to finance the transactions, founded by Ankur Khetan, Ishan Dadhich, and Mohit Agarwal.
Ankur Khetan, co-founder of Reevoy said, “In today’s world, where ordering a Rs 50 coffee on an app gives us hundreds of restaurants to choose from and shows us minute-by-minute visibility on the order progress – it is surprising that export orders worth millions are being managed the same way they were 50 years ago. Reevoy aims to turn this on its head, unlocking the India opportunity for global importers.”
Reevoy is also working to build a tech-powered fashion and home-décor supply chains between India and the rest of the globe by supercharging mid-sized audited Indian companies with technology and bringing them online with their production management software. Reevoy has also established an on-the-ground staff to supervise and inspect operations, according to the company.
In 2021, the company raised $1 million in pre-seed financing.
Apoorva Ranjan Sharma, co-founder of 9Unicorns and VCATs, said, “Reevoy is a first of its kind startup that uses technology to solve some real pain points for the Indian exporters regarding supply chain and payments, helping them compete globally. With India’s share of global exports hitting record numbers and forecast to cross $400 bn in current fiscal, we expect massive opportunities for players like Reevoy.”
