Metalstreet, a Bangalore-based B2B marketplace for metals trading in India, today announced their angel investment of USD $700,000 from multiple investors. The start-up is currently focused on the steel trading ecosystem and aims to deliver value across the supply chain using its intuitive and interactive mobile and web-based apps.
Metalstreet focuses on providing a single integrated platform that allows supply chain participants, i.e., manufacturers, distributors, retailers and end-users to discover, connect and trade on-the-go in a seamless, secure and transparent manner.
Founded in September 2017 by Shashank Ananth, Co-founder & CEO; Arun Shukla, Co-founder & Head – Business Development and Nupin Pillai, Co-Founder & Head – Technology, Metalstreet aims to usher in increased efficiency and profitability for its users by allowing them to rapidly expand their customer base and sourcing options.
Since inception, Metalstreet has steadily grown into a 13-member team along with an advisory board that includes Tushar Patel, ex-Chief Operating Officer, Goldman Sachs Asset Management, India.
The funding will be deployed towards ramping up and building a robust product team focused on solving challenges that are bespoke to the steel supply chain through tech enablement and innovations. The start-up is also forging strong partnerships through which it plans to offer trade finance and logistics services to users.
[irp posts=”3115″ name=”List of Angel Investors In Bangalore with Contact Details”]
Additionally, Metalstreet is also growing its onboarding and trade enablement teams to provide a richer digital and personalized experience to users. Plans are also afoot to address supply chain challenges of adjacent markets/supply chains, thereby increasing user-base and adoption.
Commenting on the funding, Shashank Ananth, Co-Founder & CEO, Metalstreet said, “Participants in India’s steel supply chain and beyond could significantly benefit by being more efficient, organized and structured. Metalstreet’s virtual trading ecosystem helps a user experience the benefits of leveraging technology to enhance efficiency and profitability.”
He further added, “Also, with GST easing inter-state trade, we feel there will be a strong uptake for Metalstreet as users are seeking to expand their customer and supplier bases while eliminating inherent risks involved in the trade. This investment will help us scale our operations and we are eager to help supply chain participants adopt virtual trade and experience its far-reaching benefits.”
Metalstreet operates in four regions across the country and has close to 1500 users on its platform who can discover a host of useful information and connect (directly) with each other. The feature that allows users to trade securely online is in-the-works and will be offered shortly.
Currently, traders can buy or sell all finished steel products that include long products (angles, channels, beams, rounds etc.), flat products (HR/CR sheets, plates, coils, galvanized products) in addition to colour coated sheets and pipes. On the anvil is the transacting module, mechanisms to provide trade guarantees to buyers and sellers and the creation of an innovative tool that allows end-users to source rapidly at realistic prices.
Metalstreet is a B2B marketplace for steel trading in India. The platform allows manufacturers, distributors, traders and brokers to effortlessly discover pricing and inventory across the country, connect seamlessly with each other and trade in a safe and secure virtual environment. It also provides users with access to services that include logistics, trade finance, freight insurance and warehousing.