Oliphans Capital, a unique early stage investment firm, along with a group of leading angel investors has invested Rs 3 crore in XSTOK, a B2B transactional platform that functions as a central marketplace for buying and selling of ready and surplus goods.
The angel investors include Jeetu Panjabi (ex CGI), Manish Chokshi (Asian Paints), Anupam Mittal (People group), Vineet Suchanti (Keynote Capital) and a group of professionals heading consulting, stock broking and logistics companies.
XSTOK, started in January 2015 by Sanjiv Khandelwal and Mihir Shah, is a mobile-first platform with fully transactional Android and iOS apps. While it is designed to service multiple industries, it is currently active in the textile industry.
"Indian textile industry generates $6 billion worth of surplus every year. The industry for surplus products is fragmented and lacks transparency in cost. While the suppliers are unable to realise the right market price due to the current sale process and limited buyer ecosystem, the buyers lack direct access to suppliers, transparent prices and most of all range of products available XSTOK aims to solve this problem," XSTOK said.