Enlight Metals, a homegrown agentic AI-enabled metal procurement platform, has raised $1.5 million in funding from Exar North Group Inc., a US-based investment firm headquartered in Princeton, New Jersey, at a $10 million valuation.
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The startup will use the raised capital to support its technology roadmap and accelerate the development of its Agentic AI-enabled procurement platform, while scaling operations and expanding presence across the metal procurement ecosystem.
It is also targeting approximately Rs 1,200 crore in revenue in the next financial year. Enlight Metals plans to drive this growth through customer acquisition, geographic expansion, new dark stores and greater adoption of AI-led operational efficiencies.
Currently operating facilities in Pune, Mumbai and Raipur, Enlight Metals also plans to expand into Ahmedabad and Indore as part of its next phase of growth.
Vedant Goel, Director, Enlight Metals Private Limited, said, “This is a proud moment for our company and our team. We have built Enlight Metals on the foundations of hard work, trust and a strong commitment to our customers. Our partnership with Exar North gives us the resources and technology support to serve our customers better while accelerating our growth. We are grateful for their belief in our vision and excited about the opportunities ahead.”
Jay Joshi, Founder and Chief Executive Officer, Exar North Group, said, “We were drawn to Enlight Metals because of the team’s clarity of purpose and the strength of the business they have built. Steel sourcing and distribution is an industry ready for smarter, data-driven procurement, and Vedant and his team have the market knowledge and the drive to lead that change. We are excited to support them through this next phase and look forward to a long and productive partnership.”
