Lightspeed Ventures Partners led series A funding round of $20 million in building materials supplier GlobalFair. Venture capital firms such as Saama Capital, India Quotient, AUM Ventures and Stride Ventures also took part the round.
The startup intends to deploy the funds to deepen its manufacturing base across India and Vietnam, launch capital finance solutions and build across a sustainable cross-border supply chain. The company has expanded across 36 states in the United States, supplying projects ranging from $100 million to $500 million from the supply markets of India and Vietnam.
“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 for the global construction and building materials industry,” said Bejul Somaia, partner, Lightspeed.
Founded in 2019 by Ashish Chandra and Shaily Garg, GlobalFair specializes in ready to install custom products across the entire multifamily township and commercial hospitality segment in the US. The firm is planning to expand its 110 member team spread across the US, Vietnam and India and launch new supply bases.
Garg said, “Through a three-way buyer, supplier and provider integration, our in-house software has automated the entire discovery to delivery lifecycle of an order. Our vision is to be the solution of choice for cross border trade in building materials.”
GlobalFair previously raised nearly $2 million in seed funding led by Saama Capital and India Quotient. Several angel investors took part in the round, including Razorpay’s Shashank Kumar and Harshil Mathur, as well as CRED’s Kunal Shah.
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