Nowadays, more and more organizations are in favor of global sourcing for cutting down their expenses. But global sourcing is not easy as it sounds and is a very complex process. Even MNCs face many challenges in it like adherence to quality standards, long-range logistics, compliance issues, delays in supply, etc. How wonderful would it be if the cross-border buying experience were made something similar to ordering on Amazon!
GlobalFair, the Gurugram-based startup, is a sourcing company connecting businesses from all over the world to quality goods at guaranteed best rates. It aims to make inter-country sourcing as easy and reliable as domestic B2B procurement. This technology-driven platform is digitizing the entire B2B cross-border shopping experience by transforming the traditionally run cross-border trade.
GlobalFair was founded in 2020 by Shaily Garg and Ashish Chandra. Shaily Garg an IIT Bombay alumnus who used to work with P&G and Stanza Living. Ashish Chandra is an IIT Delhi alumnus and an ex-Director at PwC with extensive work history in the UK and Middle East markets. Both the founders have deep expertise in manufacturing, logistics, and trade financing.
This startup works in partnership with importers, distributors, stone fabricators, architects and construction companies seeking the finest in natural stone products. A well-equipped facility and efficient networking have enabled Globalfair to export Indian natural stones across all markets in the USA, UK and South Asia Market. Highly competitive prices, premium product quality, safe packing, timely deliveries and dedicated customer service are key factors that contribute to the company’s success. The company is able to produce top-quality quartz utilizing the most cutting-edge Breton Technology. The founders are on a mission to build a launching platform for Indian export growth emerging from the post-COVID-19 economic glut.
By February 2021, the company had distribution partnerships across Florida and Virginia, and by March, expanded their presence across 33 States in the U.S. Currently, it has 120+ active suppliers across India and 50+ large construction contracts across the U.S. The startup experienced a 165% MoM and 67% repeat order ratio in the past six months.
GlobalFair has recently raised a seed funding of $2 Million led by institutional investors like Saama Capital and India Quotient. Shashank Kumar and Harshil Mathur from Razorpay, Kunal Shah from CRED, and Harsh Shah and Farooq Adam from Fynd, who are angel investors in the company, also participated in the round.
“Customer responses and funding that we have received so far is an acknowledgment of our potential to transform the global B2B cross-border trade. With a supplier base across Rajasthan, Himachal Pradesh, Gujarat, and Andhra Pradesh, and buyers across the US, South Korea, and Vietnam, we have seen the affinity of our customers to turn to a technology-first solution in a very people driven industry. The funds will be used to expand our network of manufacturers across India and Vietnam and facilitate growth across all verticals to build a simpler, faster, and better cross border supply chain.”
– Shaily Garg, CEO and Co-founder
India is the 6th largest economy globally and is poised to become the 3rd largest by 2025. Indian Supply Market has a promising future in Global Procurement. GlobalFair aims to make more businesses ride the digital innovation in global procurement by making its massive supply base in India and South-East Asia accessible on a click to the global buyer.