A recently founded manufacturing technology startup company called Fabrication Bazar, which is owned by Ben & Gaws Private Limited, negotiated a Pre-Series A round of funding worth $3m with Physis Capital. It also saw participation from ICMG, a Japan based venture capital fund and Inflection Point Ventures, an existing backer.
The newly mobilized fund, which is part debt, will be applied to the development of Fabrication Bazar’s tech platform; extension of its territorial presence beyond India, with focused attention paid to GCC and Southeast Asia; and reinforcement of the company’s top management.
Launched by Dwaipayan Dutta, Fabrication Bazar is an asset-light digital manufacturing company focused on industrial steel products. It operates in over 400 clients in various industries by engaging over 330 fabrication vendors all over India. This manufacturing technology allows the firm to integrate the production of products that are usually associated with a long cycle in that the company breaks the product into smaller components that are worked on concurrently, thus cutting on time.
Fabrication Bazar also has their conveyor as a digital supply chain management system that enables procurement, quality check, and supply. This optimisation draws on more over 1. 50 lac MSME fabrication vendors of India. The company continuously increases its vendor base in India and already expands in other countries – for example, in Vietnam it controls production facilities while keeping global quality norms and reducing costs and lead times compared to traditional suppliers.
Physis Capital‘s partner Ankur Mittal dwelled on the key role of the steel fabricators in India in its pursuit of a $5 trillion economy. He said that Fabrication Bazar is positioning itself to revolutionize the industry with an innovative technology that partners with a dependable pool of fabricators from all over the world. Its growth of 6 times since FY21’ shows that the company is fresh, innovative and captures the market demand correctly.
India being the second-largest steel producer and consumer has a structural steel market which is expected to be more than $20 billion by 2030, Fabrication Bazar stands in the middle to connect the underbanked MSME fabricators with large corporate end-users. The company’s digital platform competes with conventional manufacturers through technology which lowers down the lead time and price.