Karkhana.io Raises $6.3M to Expand Supplier Network
Custom manufacturing platform Karkhana.io has secured $6.3 million in a Series A funding round led by Arkam Ventures and Susquehanna Asia Venture Capital. Existing investor Vertex Ventures Southeast Asia and India also participated in the round. This latest funding round will be used to fuel the expansion of Karkhana.io’s supplier network and establish a robust electronics supply chain. The company also plans to drive scaling efforts in the United States and Europe.
Fueling Expansion: Karkhana.io’s Plans for Growth
With India’s manufacturing sector expected to reach a value of $1 trillion by 2025-26, Karkhana.io aims to play a crucial role in achieving this target. The funds raised will enable the company to strengthen its supplier network and cater to the growing demand from original equipment manufacturers (OEMs) and technology companies. By leveraging its network of over 400 micro, small, and medium-sized enterprises (MSMEs) in India, Karkhana.io plans to empower more than 3,000 MSME suppliers in the next three years.
India’s Manufacturing Sector on the Rise
India has emerged as a promising manufacturing destination due to factors such as competitive pricing, a vast labor pool, rising domestic demand, and geopolitical considerations like the China Plus One strategy. The country’s manufacturing sector is experiencing a significant growth trajectory, with the contribution from micro, small, and medium-sized enterprises (MSMEs) playing a crucial role. By leveraging technology and offering flexible and scalable solutions, Karkhana.io aims to redefine the landscape of the Indian manufacturing industry.
Karkhana.io Driving Technological Revolution in Manufacturing
Karkhana.io’s tech-enabled platform revolutionizes contract manufacturing by offering sourcing and contract manufacturing solutions to OEMs and technology companies. The platform connects companies to a network of vetted suppliers, overcoming manufacturing inefficiencies. With a single dashboard, companies can streamline procurement and find reliable suppliers regardless of size. Karkhana.io serves OEMs in sectors such as electric vehicles, medical equipment, consumer electronics, and aerospace, providing them with a trusted and efficient manufacturing solution.
Streamlining Contract Manufacturing with Karkhana.io
Founded in 2018, Karkhana.io simplifies contract manufacturing across various product categories and scales. The platform addresses procurement challenges by providing a single dashboard to connect companies with vetted suppliers, enhancing efficiency and ensuring quality. With a diverse supplier network of over 400 MSMEs, Karkhana.io caters to the contract manufacturing needs of 90 OEMs. The company’s goal is to empower even more suppliers and cater to the growing demand from OEMs, both domestically and internationally.
In conclusion, Karkhana.io’s successful funding round will enable the company to expand its supplier network, establish a robust electronics supply chain, and drive scaling efforts in the United States and Europe. With India’s manufacturing sector on the rise and the contribution of MSMEs crucial to its success, Karkhana.io aims to revolutionize the industry by leveraging technology and offering flexible and scalable solutions. The platform streamlines contract manufacturing, connects companies with reliable suppliers, and addresses procurement challenges, ultimately propelling the growth of the Indian manufacturing industry.
Analyst comment
Positive news: Karkhana.io has raised $6.3 million in funding to expand its supplier network and establish a robust electronics supply chain. The company plans to drive scaling efforts in the United States and Europe, aiming to revolutionize the Indian manufacturing industry by leveraging technology and offering scalable solutions. This news suggests a positive outlook for the market as Karkhana.io aims to meet the growing demand from OEMs and contribute to the growth of the Indian manufacturing sector.
