Metalbook, the digital platform revolutionizing the global metals supply chain, has successfully raised $15 million (approximately Rs 124.5 crore) in its Series A funding round. The funding was led by Rigel Capital, with significant participation from FJ Labs and existing investors such as Axilor Ventures, Foundamental, Stride Ventures, Trifecta Capital, and others. Notably, Axilor Ventures had previously led a $5 million seed round for Metalbook in August of the preceding year.
In its press release, Metalbook emphasizes its commitment to expanding its impact on manufacturing and infrastructure supply chains. The platform offers comprehensive solutions for metal sourcing, logistics, financing, and project management on a global scale. Founded in 2021, Metalbook assists both enterprise and SME customers throughout the entire metal manufacturing and procurement cycle. Its services include buying, selling, excess inventory liquidation, customization, logistics, financing, e-auctioning, scrap recycling, credit, and project management solutions.
Raghavendra Pratap Singh, Co-founder of Metalbook, expressed the company’s strategic vision, stating, “We want to make sure that there is enough of a track record for market investors to look at before we plan for an Initial Public Offer (IPO) in 4-5 years.”
The Delhi-based startup boasts collaborations with over 500 global metal manufacturers, dealers, and suppliers across the value chain. Currently serving more than 1,000 customers, Metalbook works with renowned steel players such as ArcelorMittal Nippon Steel, Tata Steel, JSW, EU Metals, JSPL, and others. Additionally, it partners with enterprise customers including DLF, BL Kashyap, Bygging, among others.
Metalbook has recently expanded its offerings to include new categories in Copper, Aluminium, and metal scrap. The platform has established a global footprint with processing centers and a network of over 1,000 suppliers across 80 geographies.
The Series A funding of $15 million is expected to propel Metalbook towards new verticals, technological infrastructure enhancements, and the expansion of its global network of processing centers. Nandan Venkatachalam, Principal at Axilor Ventures, remarked, “They (Metalbook) have emerged into one of the fastest-growing marketplace businesses in the world. We are glad to double down on this round as they continue to build out their global footprint and add new business verticals.”
Metalbook aims to achieve an annualized revenue run rate of $200 million by the end of FY24, reflecting a remarkable growth of over 15 times in the past two years. The startup’s strategic focus on optimizing metal sourcing, logistics, and financing for large-scale global projects positions it as a key player in the evolving landscape of the metals supply chain.