XSTOK, a unique, one-of-its-kind online auction platform for buying and selling textiles, has raised about $450K (Rs 3 crore) in early-stage fund from Oliphans Capital, revealed one of the company’s founder to Economic Times.
The company is planning to utilise the newly raised funds to get on board new suppliers for new categories which which the company is planning to launch over the next two months. It has carried out close to 150 auctions since its launch in July.
XSTOK started as a simple idea of making buying and selling ex stock goods, including surplus easy. Buyers needed access to high quality, in-demand products and suppliers needed to sell goods at market driven prices. And thus, Xstock was founded.
It is a B2B auction platform that functions as a central marketplace for buying and selling of ready and surplus goods. The marketplace is now open to the textile industry. According to the company, it brings to the world, a variety of curated, popular and hard-to-find stocks of apparels, home textiles, fabrics and yarns.
The company’s mission is to provide buyers and sellers a marketplace for hard-to-sell and slow moving stocks of apparels, home textiles, fabrics and yarns at market driven prices. It’s clientele includes Arvind, Welspun, Mafatlal, Bombay Dyeing, among others.
It’s first of its kind mobile auction platform is transact ready and excess stock. The XSTOK mobile app is a full featured app designed and as the company’s approach is mobile-first, the app is pretty easy to use and is secure as well. It is available on Play Store and App Store.
Sanjiv Khandelwal, founder of XSTOK told Economic Times,
We will soon announce our partnership with international brands in the apparel space. We currently hold export surplus licence to sell these branded garments. We have seen interest from distributors and retailers for this new category. We will also introduce yarns, which is a large category in the next eight weeks.