The auto-grade flat steel processing company Poshs Metal Industries has raised Rs 43 crore ($5 million) in a funding round headed by Aavishkaar Capital.
Poshs Metal will be able to better serve OEM clients by using the proceeds to support the construction of a new processing facility in Aurangabad.
Poshs Metal, a steel service center for tier I automakers, was established by Ashok Kapoor. Tata Steel and it have had a 25-year exclusive partnership for the processing and distribution of steel in Western India. Volvo, Volkswagen, Mahindra, Bajaj Auto, and Tata Motors are important customers.
Value-added services like scrap processing, in-house packaging, and steel blank customization are provided by the company. It replaced wooden pallets with an environmentally friendly steel pallet system.
Aavishkaar’s $220 million global supply chain support fund, which assists SMEs in Asia and Africa that prioritize inclusive and sustainable practices, has made seven investments. The KfW Development Bank in Germany is supporting the fund.
