Metalstreet, a Bangalore-based B2B marketplace for metals trading in India has raised angel investment of USD $700,000 from multiple investors. Tushar Patel, ex-Chief Operating Officer, Goldman Sachs Asset Management India is one of the investors.
The startup will use the funds raise 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. It is also forging strong partnerships through which it plans to offer trade finance and logistics services to users.
Metalstreet focuses on providing a single integrated platform that allows supply chain participants such as manufacturers, distributors, retailers, helping end-users to discover, connect and trade on-the-go in a seamless, secure and transparent manner. The startup 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 was founded in September 2017 by Shashank Ananth, Co-founder & CEO; Arun Shukla, Co-founder & Head – Business Development and Nupin Pillai, Co-Founder & Head – Technology. Its advisory board that includes Tushar Patel, ex-Chief Operating Officer, Goldman Sachs Asset Management, India.
“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. 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 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,” Shashank Ananth, Co-Founder and CEO, Metalstreet said in a statement.
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.