Metalbook raised Rs 25 Cr Debt from Northern Arc
Summary
A platform for the full-stack metal supply chain, Metalbook has raised Rs 25 crore, or roughly $3 million from Northern Arc. It completed a $15 million Series A round in February 2024, with Rigel Capital leading the effort.In order to raise the aforementioned amount, Metalbooks board approved a special resolution to issue 250 non-convertible debentures at a face value of Rs 10,00,000 each, according to its regulatory filing obtained from the Registrar of Companies (RoC).Among its many services, Metalbook, a full-stack platform, assists businesses, including SMEs, with credit, logistics, inventory liquidation, and procurement. In 16 countries, it states to collaborate with more than 500 suppliers, dealers, and manufacturers, including ArcelorMittal Nippon Steel, Tata Steel, and JSW.Axilor had led Metalbooks $5 million seed round in August of last year.Although the Delhi-based company has not yet released its FY23 financials, in FY22 it brought in Rs 85.39 crore from its operations. In the same time frame, its losses also grew to Rs 25.90 crore. During Metalbooks February Series A round, the company stated that it aimed to reach an annualized revenue run rate of $200 million by the end of FY24.