GlobalFair, a supplier of building materials in the cross-border space has raised $20 million through a mix of equity and debt.
The startup has raised $12 million in equity and $8 million in debt. The fundraise was led by Lightspeed with participation from Saama Capital, India Quotient, AUM Ventures, and Stride Ventures.
The funds will be used to deepen their manufacturing base across India and Vietnam, launch capital finance solutions and build an end-to-end synchronized cross-border supply chain accessible at one click to the global buyer.
Shaily Garg, CEO, GlobalFair said, “With a clear focus on affordability and sustainability in the current real estate market, our technology-first solution has transformed the global supply chain of building materials. Our vision is to be the solution of choice for cross border trade in building materials, and the customer love we have received, as we target expanding into over 80 categories, has reaffirmed our commitment to this goal and our next phase of expansion.”
The technology that GlobalFair has developed allows customers to start interacting with their platform across all stages of the traditional process, from building cost estimates using architectural plans and shop drawings to real-time GPS-enabled tracking of final delivery of the materials as per installation schedules on job sites, the company said.
GlobalFair said it now caters to over 13 categories across different project types and has become the one-stop shop for building materials for contractors in the US. It plans to expand the current 110-member team spread across the US, Vietnam, and India and launch new supply bases.
It also said it helps optimize supply chain costs by maximizing load capacity utilization and using predictive demand manufacturing models, enabling a split between standard and custom demand SKUs on the demand side.