XSTOK, a B2B platform that serves as a marketplace for buying and selling of ready and excess goods recently raised Rs. 3 crore funds from a host of angel investors. The investors’ list includes several investment firms, stock broking & logistics companies and high net-worth individuals.
To name a few, Oliphans Capital, Anupam Mittal (People Group), Jeetu Panjabi (ex Capital Group), Manish Chokshi (Asian Paints), and Vineet Suchanti (Keynote Capital) were few of the many contributors.
While speaking about this new round of investment, Anish Jhaveri, Founder of Oliphans Capital said, “We have always focused on identifying businesses that are focused on solving a well-defined problem and also those with a defined revenue stream. XSTOK fits in well with our criteria. The team at XSTOK, with prior experience in the sector, has been able to identify a very relevant problem for the textile industry and have already proven the need for a platform like theirs. Moreover, they have a very well-defined revenue structure that makes it a viable business in the long run.”
As stated above, XSTOK is a B2B marketplace for online sellers & buyers of surplus and ready to sell goods. The start-up was founded in January 2015 by Sanjiv Khandelwal and Mihir Shah.
As of now the platform is open to the textile industry and showcases a gamut of curated, fashionable and rare stocks of apparels, home textiles, fabrics and yarns. On this portal, buyers get access to quality products at the right prices and sellers get a platform to sell their inventory at fair & competitive prices.
XSTOK’s founder, Sanjiv Khandelwal, shared with IOS, “B2B space is ready for disruption, we are leveraging our experience in the space and technology to create an efficient and transactional marketplace for the sellers and buyers of surplus and ready to sell goods. Textile industry, though one of the oldest trades in India continues to be unorganized.”
Mihir Shah, Co-founder, XSTOK also added, “It’s is a win-win deal for both the seller and buyer of surplus textiles. It ensures transparent pricing, secure transactions and a large market for the seller; for buyers it provides access to much larger real-time inventory of surplus, irrespective of their location.”