The Gurugram-based startup, founded by IIT alumni Shaily Garg and Ashish Chandra in 2020, has operations in 36 of the 50 states in the USA and supplies building material for projects across India and Vietnam.
“Through a 3-way buyer, supplier and provider integration, our in-house software has automated the entire ‘discovery to delivery’ lifecycle of an order”, said Garg.
The company had raised $2 million in a seed round from India Quotient and Saama Capital in February 2021.
“With India and Vietnam set to become the
de facto factories of the world, we love how GlobalFair is using technology to bridge the capacity gap and leverage economies of scale,” said Anand Lumia, Partner at India Quotient, talking about his firm’s continued investment in Globalfair.
How the funds will be used
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Globalfair, which has manufacturing bases in India and Vietnam, said it would use the funding to strengthen its cross-border supply chain, making it accessible at a click to global buyers.
The company says its technology allows the buyer to start interacting with the traditional process, from building cost estimates to architectural plans and real-time GPS-enabled tracking of the material.
Construction material is a $1.4 trillion market globally, while in India, it is almost a $70 billion market.
Commenting on the financing, Bejul Somaia, Partner, Lightspeed, said, “The pandemic exposed structural issues in cross-border supply chains and heightened the need for transparency, visibility and diversification in procurement. GlobalFair is using technology to address these issues.”
