Fabrication Bazar Raises Rs 7 Cr As Seed Round Led by Inflection Point Ventures
Ankur Mittal, Co-founder of Inflection Point Ventures, says, “Fabrication Bazar is working to make the sector organized and cutting down on the customer's obstacles post covid in terms of cost and delivery with their innovative technology."
One of the leading manufacturing and engineering companies, Fabrication Bazar has raised over Rs. 7 Cr in a Seed Round led by Inflection Point Ventures. The funds raised will be utilized towards expanding the team, technology enhancement, and scaling the operations to the export market.
Founded in 2016, Dwaipayan Dutta (Co-Founder & CEO) and Mohit Garg (Co-Founder & CSO), each of the founders bring a unique skill set from technology to manufacturing and business skills such as finance and strategy.
In the manufacturing sector, the company has developed and incorporated a cloud fabrication concept and an end-to-end tracking platform using their own unique technological platform, not only helping customers to place orders more easily, but also enabling better cost, quicker delivery, and multilayer quality inspection. In addition to exceptional delivery timelines and impeccable quality standards, the company’s vendor network has provided cost-effective solutions for projects worldwide. The company follows an asset-lite model and plans on expanding to the global market with a similar supply chain.
Ankur Mittal, Co-founder of Inflection Point Ventures, says, “Fabrication Bazar is working to make the sector organized and cutting down on the customer’s obstacles post covid in terms of cost and delivery with their innovative technology. This unique platform, which aims to serve end customers and streamline the sector in every possible way, has already grown 165% in FY 22 with a confirmed order booking 0f Rs 130 Cr for FY 23. Such high-quality standards and impeccable solutions have led IPV to invest in the company and support them in their future endeavors”.
Fabrication Bazar follows the latest German standards for product design, development, and manufacture, but offers alternative American and Indian standards based on end-user requirements, locations, and applications. They have supplied to over 300+ customers (Some of them are large blue-chips, conglomerates, and Fortune 500 companies) in domestic and international markets and have often had customers come back with larger ticket size repeat orders. The company has grown 165% in FY 22 with a confirmed order booking of 130 Cr INR for FY 23.
“We are empowering micro and small steel fabricators by driving the demand from large, process-driven corporates. The journey is challenging & turbulent. In IPV, we found not only an early investor but a partner and a guide to bring more clarity towards the critical path,” says Dwaipayan Dutta, Founder, and CEO, of Fabrication Bazar
The industry is highly unorganized with many small fabricators as vendors on one side and large process-driven corporates as customers on the other side, and both have been encountering multiple challenges. Increasing manufacturing costs and post-COVID supply chain disruption have posed tough challenges for developed nations. With 300 million tonnes of projected steel production by 2030, India will be the second largest steel producer globally with competitive costing.