History
XSTOK was founded by Sanjiv Khandelwal and Mihir Shah. Prior to XSTOK, Khandelwal has worked in the B2B and e-auction segments whereas Shah formerly worked with Intel and Bank of America Merrill Lynch. Providing the buyers and sellers with a marketplace for curated, hard-to-find and surplus stocks of fabrics, home textiles, apparels and yarns, at transparent prices, direct from the mills, at a click of a button, is the main concept behind the business. [5] [6] [7] [8]
XSTOK was launched in 2015 as a mobile dynamic pricing marketplace, which received six hundred registrations overnight with its inception. This was first of its kind online auction based platform for the textile market. [9] The business was conceived with the idea of making the textile trade more digitalized and making the mobile trade possible, for all size of businesses. [10] [11] It does not sell any products directly, but instead allows third party sellers to sell their products for an initial registration fee and a transaction fee on each successful transaction. [12] [13] Brands including Arvind Mills, Bombay Dyeing, Welspun, Donear, Grasim, Nahar Industries, Banswara, Trident, Mafatlal, BVM Sintex and Indo Count, to name a few, have associated themselves with XSTOK. According to a news article in The Economic Times , within six months of its launch, over 5,000 buyers had registered on the portal and over 150 suppliers had their textile products listed on this portal. [14] [15] The company later reported to have queries from East African countries and gained attention with its first round of funding from a group of marquis investors. [16] The business also has a web presence, but the founders promoted the company primarily as a specialized mobile-first marketplace, with their apps for Android and iOS. [17] [18]
Funding
The company received 3 crore in seed funding to expand its market. [19] The seed round was backed by investors, including Private Angel Investors, Anupam Mittal, Jeetu Panjabi, Manish Chokshi, Vineet Suchanti, Oliphans Capital [20] and a group of professionals heading consulting, stock broking and logistics companies. [21] [22] [23] [24] [25]
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